News Update

Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, yesterday lamented the country’s inability to generate adequate revenue from taxation despite ongoing reforms, stressing that a significant number of eligible taxpayers are yet to fulfil their civic obligations.

He said the challenge facing the country was not necessarily about raising tax rates but ensuring that individuals and businesses that ought to pay taxes do so in a fair and transparent system.

Oyedele spoke in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria (CITN), led by its President, Mr. Innocent Ohagwa, as part of activities marking the institute’s maiden National Tax Awareness Day road walk.

The minister commended the institute for supporting the federal government’s tax reform agenda and promoting public understanding of taxation but urged it to intensify its advocacy efforts, noting that many Nigerians still harbour misconceptions about taxation.

According to him, many citizens continue to view taxation merely as a tool for government to take money from the people rather than as a critical instrument for national development.

Oyedele said, “We are still not getting enough revenue from tax. It is not about increasing tax, but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration.”

Oyedele stressed that if Nigeria succeeds in building an efficient and equitable tax system, the impact on infrastructure, public services and economic development would be transformative.

He also challenged the institute to introduce annual awards for the country’s most tax-compliant individuals and organisations as a means of encouraging voluntary compliance and recognising responsible taxpayers.

Earlier, the Nigeria Revenue Service (NRS) and CITN renewed their commitment to promoting tax awareness, voluntary compliance and fiscal sustainability as part of activities commemorating the 2026 National Tax Awareness Day.