Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the country’s new tax policies will focus on taxing high-income earners rather than burdening the poor.
Speaking at a recent public forum, Oyedele emphasized that the goal of the tax reform is to create a fairer and more efficient system that boosts revenue without worsening the economic conditions of low-income citizens. He stressed that the poor and vulnerable groups will be protected from excessive taxation.
According to him, the committee’s proposals are designed to eliminate multiple taxation and reduce the number of taxes while improving compliance among the wealthy. Oyedele also noted that the current tax system unfairly places pressure on small businesses and individuals with limited income, which the new policies aim to correct.
He added that the reforms will encourage economic growth by simplifying tax administration and promoting investment. He clarified that luxury items and incomes of the rich will be the main targets for taxation, while essential goods and services used by the poor will remain either tax-free or minimally taxed.
Oyedele also stated that the committee is working with relevant government agencies and stakeholders to ensure smooth implementation and enforcement of the new tax laws. He called on the public to support the reform agenda, noting that a more equitable tax system is essential to Nigeria’s economic stability and development.
The proposed tax laws are expected to be unveiled in the coming months.
