June 26 (THEWILL) — The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said Nigeria’s revenue challenge is not about raising tax rates but expanding the number of taxpayers through improved compliance and public awareness.
Oyedele made the remarks in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria (CITN) after the Institute’s maiden National Tax Awareness Day, which featured taxpayer sensitisation at Wuse Market and a courtesy visit to the Nigerian Revenue Service (NRS).
The event coincided with one year since President Bola Tinubu signed Nigeria’s landmark Tax Reform Acts into law on June 26, 2025.
Commending the Institute for supporting the Federal Government’s tax reform agenda, Oyedele said misconceptions about taxation remain one of the biggest barriers to voluntary compliance.
“We are still not getting enough revenue from taxes; it is not about increasing taxes, but ensuring that those who are supposed to pay taxes actually do so. We want to promote fairness in tax administration,” he said.
He added that an efficient tax system would transform national development and urged CITN to institute annual awards recognising Nigeria’s most compliant taxpayers to encourage voluntary compliance.
Earlier, CITN President Innocent Ohagwa said the awareness campaign was introduced to bridge knowledge gaps surrounding the country’s tax reforms.
He noted that although the new tax laws have been in force for one year, many Nigerians still misunderstand their provisions.
According to him, the reforms provide significant incentives, including rent relief of up to 20 percent of annual rent paid, subject to a maximum of N500,000, zero-rated Value Added Tax on essential goods and services, and tax exemptions for qualifying small businesses with an annual turnover of not more than N100 million and fixed assets below N250 million.
Ohagwa stressed that while the reforms provide relief and incentives, tax compliance remains a civic responsibility.
He urged taxpayers to obtain Tax Identification Numbers, maintain proper records, file accurate returns on time, and seek professional guidance where necessary.
Officials of the Nigerian Revenue Service also reaffirmed their commitment to strengthening taxpayer education and leveraging digital platforms to improve compliance and service delivery.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
