The chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said that Nigeria can significantly boost its revenue without imposing new taxes. He disclosed this on Friday in an interview on Channel Television’s “Politics Today.
” According to him, technology can be leveraged for better tax administration to close the estimated N20 trillion tax gap in Nigeria. He emphasised that his committee has done a lot of extensive and far-reaching work, including consulting widely with governors, federal revenue services, and primary sector stakeholders. When asked about generating more revenue without increasing taxes, Oyedele expressed optimism.
recalls that in July 2023, President Bola Ahmed Tinubu inaugurated the committee to address key challenges in Nigeria's tax system. In 2023, Nigeria collected N12.37 trillion in revenue. Similarly, in the first quarter of 2024, Nigeria's revenue collection surged to N3.94 trillion, while targeting N19.4 trillion for the year.
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