Kehinde Fajobi
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has claimed that the Federal Government has nothing to show for the more than 60 taxes and levies collected across Nigeria.
Oyedele made this statement during a Senate plenary on Wednesday.
He said, “The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it.”
The tax expert also highlighted the burden on Nigerian businesses. He noted that these businesses are forced to pay taxes even when they are making losses, which calls for urgent reforms.
Oyedele explained, “We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system.”
At the end of Oyedele’s presentation, the lawmakers did not ask any questions.
Instead, they resolved to invite the team again on the next legislative date to clarify aspects of the proposed reforms before taking a final resolution.