Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has expressed his intention to streamline and simplify Nigeria’s tax system.
He aims to reduce the number of taxes collected to fewer than ten, given that over 62 taxes are currently in operation across various government levels.
During the 53rd annual conference of the Institute of Chartered Accountants of Nigeria in Abuja, Oyedele voiced concern about the burden these numerous taxes place on Nigerian businesses, including informal taxes collected informally throughout the country.
Oyedele plans to minimize the number of revenue collection agencies, aiming for one agency per tier of government.
“At the federal level, the list is somewhere close to 16 officially, at the state level 25, and at the local government 21. But this is just the beginning of the story. The story is incomplete until you add the over 108 informal taxes collected all over the place, sometimes by non-state actors that have been empowered, either passively or actively by the government. In fact, we have bicycle tax and wheelbarrow tax in Nigeria.” He stated.
