Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal and Tax Reforms, has called for a reduction in corporate tax rates to stimulate investment, drive economic growth, and encourage business expansion in Nigeria.
Oyedele made the call during a public lecture held in Abuja as part of events marking his 50th birthday celebration. He stressed the need for a well-structured tax system that avoids excessive levies, particularly those that disproportionately affect the poor.
“The tax reform measures include full income tax exemption for over one-third of Nigerian workers, higher exemption thresholds for small businesses, and zero-rating of essential consumptions,” he explained.
Oyedele emphasized that the reforms are designed to foster inclusive development, with a focus on credible data, people-centered policies, and strategic investments in human capital.
He also highlighted the need to refine Nigeria’s tariff system by reducing rates on raw materials and intermediate products, which would help lower production costs and enhance industrial competitiveness.
“We have priority sector incentives, boosting exports and providing tax relief to prevent public transition for Nigerian businesses operating internationally,” he noted.
In addition, Oyedele announced proposed changes to income class laws aimed at attracting remote work opportunities, which he said would empower Nigerian youths to participate more actively in the global digital economy.
The remarks reinforce the government’s intent to reposition Nigeria’s fiscal framework to support growth, inclusion, and economic diversification in line with emerging global trends.
