Nigerians spent over N50trn in 2023 – Oyedele
Omeiza Bilal
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria, Taiwo Oyedele, says only a paltry N15 trillion was declared for tax in spite of N50 trillion spent by Nigerians.
Speaking at the Annual National Tax Conference organised by Civil Society Legislative Advocacy Centre (CISLAC), Oyedele said the huge signifies tax avoidance and ineffective tax incentives.
He said the personal income tax revenue for 2023 amounted to just N1.5 trillion, despite declared incomes totaling N15 trillion.
This year’s theme is: “Economic Stabilization for Equity: Ensuring Fairness in Tax Policy,”
Oyedele emphasised the critical need for reform, stating, “We have a once-in-a-lifetime opportunity to reform what has been wrong with our tax system for decades. If we miss this opportunity, I do not think we will have it again in my lifetime.”
Oyedele expressed optimism about the current administration’s commitment to reform, saying, “You have a president who understands what you’re talking about and who is committed to the process.”
Also, the Executive Director of CISLAC, Auwal Ibrahim Musa (Rafsanjani) said more than ever, tax discussions have taken a very deep seat in national discourse, and rightly so.
He explained that since the inauguration of the Presidential Committee on Fiscal Policy and Tax Reform, economic conscious Nigerians have anticipated a robust reform initiative to accompany the outcome of the work of the Committee.
He emphasized the importance of national matters to have a national outlook in their designs and approaches. It does not help for reforms to appear as if they are merely the intentions of a select few.
“It is on this basis that special commendations must be reserved for the National Assembly for suspending proceedings of hearings on the bills for the purpose of consulting and galvanizing country-wide inputs to the reform process.
“While the Northern Governors had formed the strongest opposition voices to the Tax Reform Bills, consultations have shown that the arears of fears and concerns are much more than that of the northern governors alone.
“Other facets of concern are emerging and need further and proper clarity or amendments of provisions as the case may be.
“What no one could have envisaged is the depth of citizens’ engagements that the proposed Tax Reform Bills that have generated,” he said.
