Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, cautioned that Nigeria must stop depending on loans to fund its development, emphasizing the importance of establishing a sustainable fiscal framework.
He made this statement at the 28th Annual Tax Conference held by the Chartered Institute of Taxation of Nigeria in Abuja.
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“Nigeria cannot continue to support development mainly through borrowing. We need to develop a fiscal system that can sustainably finance essential infrastructure, quality education, affordable healthcare, security, and social protection,” he remarked.
His comments come in light of the ongoing discussions between the Federal Government and the World Bank regarding a proposed $1.25 billion loan aimed at reforms, job creation, and enhancing competitiveness.
Oyedele pointed out that sustainability extends beyond just revenue generation; it should also facilitate growth, diminish inequality, and safeguard vulnerable populations.
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He elaborated that tax reforms are intended to address structural challenges such as multiple taxation, poor compliance, fragmented administration, and reliance on a limited range of revenue streams.
“Businesses are burdened by overlapping debts, unpredictable enforcement, and increasing compliance costs. Citizens frequently view the tax system as inequitable due to the uneven distribution of burdens,” he noted.
The proposed reforms aim to streamline the tax process, enhance fairness, attract investments, and build public confidence.
He mentioned that individuals earning minimum wage are exempt from personal income tax, and new relief measures have been introduced for low- and middle-income earners.
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Additionally, he indicated that there are plans to lower corporate tax rates and reform VAT to alleviate costs and help control inflation.
Oyedele also stated that the government is collaborating with states to reduce multiple taxation, with 15 states already implementing harmonization laws. He further asserted that future tax administration will be driven by digital systems, automation, and data integration.
