Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has declared that the Federal Government will not sacrifice Nigeria’s future to shield individuals and entities that have avoided paying taxes for years.
Oyedele made this known while speaking at the January business breakfast of the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in Lagos, where he addressed growing resistance to tax reforms and Nigeria’s poor revenue performance.
He noted that Nigeria’s tax-to-population ratio remains extremely low, stressing that only a fraction of eligible citizens currently pay taxes. “That is one tax from about 60 million people, compared to Nigeria’s 240 million people,” he said.
According to him, South Africa generated over N60 trillion from personal income tax alone in 2024, a figure that surpasses Nigeria’s total tax revenue from all sources combined. He added that while South Africa’s per capita income is higher, Nigeria still has significant untapped potential.
Oyedele emphasised that if Nigeria effectively captures personal income tax from its top income earners, revenue performance could improve substantially. “If you take the top 60 million people in Nigeria based on income, it will be comparable to the per capita income of South Africa,” he said, adding that tax reforms are critical to securing Nigeria’s long-term economic future.