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Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says Nigeria’s ongoing tax reform agenda is not designed to impose higher taxes but to “reduce business risk, simplify processes and promote growth.”
Speaking at the 31st Nigerian Economic Summit in Abuja on Tuesday, Oyedele highlighted several changes that have already been implemented to make tax administration more transparent and less punitive for businesses.
He also pointed out that another cumbersome practice, requiring businesses to seek government certification before claiming capital allowances on acquired assets, has been scrapped.
“Before you could claim tax deductions that we call capital allowances, you needed to go to the government to certify that you bought the assets. In which part of the world is that being done? That has also been removed,” Oyedele said.
According to him, the reforms are part of a broader effort to align Nigeria’s fiscal system with global best practices, enhance investor confidence, and ensure that tax collection becomes a growth enabler rather than a barrier.
“This is not imposing higher taxes. It is reducing business risk, creating simplification, and it is pro-growth,” he explained. “We know that when you grow, taxes will come as a natural consequence.”
Oyedele further warned that when governments rely on excessive money printing instead of efficient tax systems, inflation effectively becomes a “chaotic and regressive” form of taxation.
He said that the reforms would also enhance transparency and accountability in the management of public revenues, thereby establishing a stronger macroeconomic foundation.
“When Nigeria gets better, sovereign credit improves. Revenue becomes sufficient to run the government and meet expenses. The cost of borrowing will come down, not only for the government but also for the private sector,” Oyedele added.
He concluded by describing the reforms as being in “our enlightened self-interest” and urged both the public and private sectors to support them for the collective good of the nation.
