The report by Quartus Economics, shows the years spanning 2010 to 2024, as tax and non-oil income streams now dominate the country’s fiscal structure.

The researchers examined federation revenues during the period, indicated that Nigeria has transitioned from a commodity-dependent system to one where government income is increasingly driven by taxes rather than oil exports.

The firm in its report titled: “Nigeria Unshackled: Inside the Steady Rise of a Fiscal State,” stated that N80.6 trillion or 49.99 per cent was generated from oil-related sources or activities and N80.57 trillion or 50.01 per cent from non-oil sources.

The report also revealed that between 2023-2025, an estimated N62.3 trillion was earned from taxes alone, with the  non-oil sector  contributing the highest proportion. This transformation, it said, followed more than a decade of economic shocks, policy reforms and structural adjustments triggered by the 2014 global oil price crash.

Before that crisis, it said that oil accounted for roughly three-quarters of Nigeria’s public revenues, leaving government finances highly vulnerable to external shocks.

Between 2014 and 2024, following the oil price crash of 2014, it explained that Nigeria’s Gross Domestic Product (GDP) per capita plunged from over $4,000 to about $1,120, while poverty levels surged, with an additional 65 million Nigerians falling into poverty by 2023.

But over the past decade, and particularly in the last five years, it stated that Nigeria has aggressively expanded its non-oil revenue base through tax reforms, improved collection mechanisms and administrative changes.

“During the 15-year period between 2010 and 2024 (both years inclusive), the Nigerian federation earned N161.1 trillion in revenues: 80.6 trillion (49.99 per cent) from oil-related sources or activities and 80.57 trillion (or 50.01 per cent) from non-oil sources,” it added.

By 2024, it maintained that oil revenues accounted for just about a quarter of total federation revenues, a dramatic decline from pre-crisis levels. In contrast, tax revenues surged, contributing as much as 87 per cent of total revenues, with non-oil taxes forming the bulk of that increase.

With tax revenues nearly tripling between 2022 and 2025, rising from just over N10 trillion to more than N28 trillion, it stressed that within the same period, Nigeria generated about N62 trillion in taxes, with the non-oil sector contributing over 70 per cent.

According to the report, in 2025, tax collection grew by 30 per cent, also driven  primarily by non-oil taxes, which accounted for nearly 84 per cent of the growth in federally collected taxes. “Within three years, Nigeria’s tax revenue nearly tripled from N10.18 trillion in 2022 to N28.29 trillion in 2025,” it stated.

It noted that Nigeria’s recent progress with revenue growth and composition may still be modest in view of ongoing reforms in fiscal policy and revenue administration processes.

The report noted that over the last five years, and especially since 2023, Nigeria’s federation revenue grew rapidly and from previously underrated sources, stressing that the revenue growth showed stability and healthy diversification.

“As of 2024 year-end, total revenue was nearly 4x 2019 revenue, and by 2025 year-end, tax collections were more than 5X 2019 levels,” the report revealed.

The analysts at Quartus Economics noted that a decade after the oil price collapse, Nigeria’s revenue base has shifted from concentrated dependence on oil and dominance of non-tax revenue towards a resilient and sustainable mix.

“The contribution of oil to total federally collected revenues is down from 73.9 per cent in 2010 to 25.8 per cent in 2024. Non-oil revenue grew from 25 per cent in 2010 to nearly 75 per cent of revenues by 2024.

“From 44.5 per cent in 2014, non-oil taxes now account for nearly three-quarters (75.9 per cent) of federally collected taxes, as the contribution of oil taxes dropped from nearly 55 per cent in 2015 to less than a quarter in 2025,” it explained.

Despite these gains, the report warned that the legacy of the 2014 crisis continues to weigh heavily on the economy. Chief among these, it said, is the rapid rise in public debt. As revenues collapsed in the years following the oil price crash, the government, it stressed, resorted to borrowing to finance deficits and invest in infrastructure.

As a result, Nigeria’s debt-to-GDP ratio has more than tripled over the past decade, while debt service costs have surged significantly, it stressed.

Debt service as a share of revenue, it pointed out, rose from under 7 per cent in 2012 to nearly 40 per cent in recent years, highlighting the growing burden of repayments on government finances.

He stated that 90 per cent of the current taxpayers are people who should not be taxed while advocating for a more streamlined and equitable tax system in the country.

This revelation was made during a breakout session at the ongoing 30th Nigeria Economic Summit organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.

Oyedele emphasised the need to strike a balance between easing the tax burden for lower-income earners and ensuring the wealthy contribute more to government revenue.

“If you earn N100m a month, we are taking up to 25 per cent from the rich people. That’s because we need to balance the books,” Oyedele stated.

The fiscal policy expert said the government is prepared and determined to ensure that the right individuals pay taxes, noting that his committee is actively working to achieve the goal.

He added that the proposed changes are expected to take effect from January 2025, based on the passage of the bill by lawmakers.

For middle-income earners making N1.5m or less per month, Oyedele disclosed that their personal income tax obligations would decrease while those earning higher amounts would see incremental increases in their tax rates, eventually reaching 25 percent. Lower-income earners would be fully exempt from personal income tax.

The reforms also aim to ease the tax burden on businesses.

Oyedele noted:

“Today, whatever VAT you (businesses) pay on assets—whether you’re building a factory, buying a laptop, or vehicles—you bear it. This increases your cost, and therefore, your pricing will go up. Once our reforms are implemented, you get the credit back 100 percent on services and assets.”

“People will pay tax once we decide that they have to pay. What we realize is that almost 90 per cent of people who are paying taxes are those who should not have been paying in the first place,” he said.

“So that’s where we came up with the data that 97 per cent of the informal sector should be formally exempted from taxes. People do not understand where we are coming from. They’re not the ones to pay taxes. They’re just trying to survive.”

Regarding how his committee is working to ensure the right individuals pay taxes, Oyedele said the team would utilise primary data identification channels to accurately bring the appropriate group of taxpayers into the tax bracket.

Additionally, the corporate income tax rate is set to drop from 30 per cent to 25 per cent which Oyedele described as “huge” for businesses. Other significant tax adjustments include a reduction or elimination of VAT on essential goods and services such as food, health, education, accommodation, and transportation.

These essential services make up a large portion of household expenditure for the lower-income population, and the proposed reforms aim to lessen their financial burden.

However, Oyedele acknowledged that not all sectors would benefit from reduced tax rates. For other goods and services, the VAT rate would increase to ensure the government’s revenue book balance.

He also pointed out that inflation had already acted as a “disorderly” tax on the population, eroding the value of their money without the need for legislation.

In addressing concerns over tax incentives and waivers, Oyedele argued that indiscriminate incentives harm the economy and that removing unnecessary incentives could relieve the business sector without costing the government revenue.

“We cannot give all the incentives you are asking for. We think the biggest low-hanging fruit is removing these incentives, and that’s exactly what we are doing,” Oyedele concluded.

[Source]

The governors made the call at the 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

Speaking at the conference, Governor Sanwo-Olu who was represented by Mr. Abdul-Kabir Opeyemi Ogungbo, his Special Adviser on Taxation and Revenue, said the theme of the Conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.

While underscoring the crucial role of a transparent and efficient tax administration in fostering confidence and voluntary compliance among taxpayers, he emphasized the necessity for citizens to witness tangible outcomes from their tax contributions, highlighting the pivotal role taxes play in fueling public services and infrastructural development.

Sanwo-Olu stressed the shift in mindset needed, urging taxpayers to view tax payments not as a burden but as an investment in a better future for Nigeria.

He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.

Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come.

“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore we need a tax system that incentivizes investment, job creation, and economic diversification.

“We need to explore innovative ways to expand the tax base while fostering a business environment that allows our economy to thrive. The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and the focus on integrating the growing remote workforce into the tax net are commendable initiatives.”

The governor said, “The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.”

However, Senator Ibikunle Amosun, former Governor of Ogun State, who declared the conference open, while stressing the need to prioritize growing Internally Generated Revenue (IGR) over relying solely on borrowing to fund national and sub-national budgets, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.

Governor Babagana Zulum of Borno State criticized inefficiencies and corruption in the current tax administration system.

Zulum, represented by the Deputy Governor of Borno State, Umar Kadafur, highlighted the shortcomings of the current tax system, including tax evasion, avoidance, and lack of transparency.

He called for critical reforms to address these issues, including tackling corruption in both the oil sector and governance system. He criticized the political protection of tax evaders and emphasized the importance of transparency and accountability in tax administration.

While calling for critical reforms, he lamented the manipulation and connivance of multinationals with tax administration to short-change the system, he added that this represented one of the hallmarks of corruption in both the oil and governance system.

In his remarks, the Governor of Sokoto State, Ahmad Aliyu Sokoto, said the conference will greatly assist in exploring innovative ways of improving revenue generation in the country.

He said the economic and revenue challenges had made it difficult for governments at all levels to implement their people-oriented programmes, thus the need for the government to devise a means for more funds to provide the dividends of democracy to the people.

The governor said taxation remained a veritable source of resource mobilization for the government adding that his administration would work with CITN to boost IGR in the state.

Mr. Shaakaa Chira, the Auditor-General for the Federation (AuGF), said the country’s tax system was plagued by instances of tax evasion especially by the upper class, multiple taxation and inability to properly account for taxes collected by administrators.

The Chairman of the conference planning committee, Dr. Adeyemi Sanni, noted that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.

Samuel Agbeluyi, president and chairman of the CITN council, Mr. emphasized the importance of investing in technology and people at the subnational level to effectively track revenues in the digital space, including cryptocurrency. This, he believes, will help maximize government revenue flow.

Mr. Agbeluyi stressed the need to provide support to revenue authorities through financial and administrative autonomy, empowering them to effectively administer taxes as he noted it is clear that a strategic approach to revenue management is crucial for the overall financial health of the government.

The CITN boss stated further,

“This is a thought-provoking topic that requires all of us to put on our thinking hats. As we deliberate, we must recognize that our nation faces significant challenges. Our current economic realities as a country are multifaceted, despite efforts to improve the narrative by the current government.

He said,

“The 2024 budget of “Renewed Hope” as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for an effective. economic and capital formation becomes a top priority.”

The multilateral lender, in a new report titled ‘Industrial Policy Is Not a Magic Cure for Slow Growth’, said most industrial policies rely heavily on costly subsidies or tax breaks, which could be detrimental to productivity and welfare if not effectively targeted.

According to the global lender, Industrial policy, in which governments support individual sectors, can drive innovation if done right.

It said striking the right balance was a crucial consideration, as history is full of cautionary tales of policy mistakes, high fiscal costs, and negative spillovers in other countries.

The report also noted that many countries were ramping up industrial policy to boost innovation in specific sectors in the hope of reigniting productivity and long-term growth amid security concerns.

The report read in part, “Most industrial policy relies heavily on costly subsidies or tax breaks, which can be detrimental for productivity and welfare if not effectively targeted.

“This is frequently the case, for example, when subsidies are misdirected toward politically connected sectors. In addition, discriminating against foreign firms can prove self-defeating, as such policies can trigger costly retaliation and most countries—even major advanced economies—rely on innovation done elsewhere.”

According to the report, the recent turn to industrial policy to support innovation in specific sectors and technologies is not a magic bullet.

“However, well-designed fiscal policies that support innovation and technology diffusion more broadly, with an emphasis on fundamental research that forms the basis of applied innovation, can lead to higher growth across countries and accelerate the transition to a greener and more digital economy,” it noted.

It advised governments deploying industrial policies to invest in technical capacity, recalibrate support as conditions change, and act in line with open and competitive markets.

It added, “In some cases, industrial policy can be justified, such as when it supports sectors that generate strong knowledge spillovers to the domestic economy (for example, in the semiconductor industry).

“Another important use case is driving green innovation—reaching net zero emissions will require technologies that do not yet exist. But subsidies to green innovation should be transparent, focused on environmental objectives, and complemented by robust carbon pricing to minimise fiscal costs.”

Since taking over the reins of power, the Bola Tinubu-led administration has embarked on widespread reforms premised on discontinuing subsidies that many analysts had blamed for Nigeria’s current economic woes

During his inauguration on May 29, 2023, President Bola Tinubu announced that the regime of fuel subsidy had come to an end for good.

Two weeks later, the Central Bank of Nigeria floated the local currency to allow it to find its true value.

The two major policy reforms, despite being met with criticism by some quarters of society, have received applause from international observers.

In an earlier report released in January, the IMF had commended Nigeria and three other countries for recent subsidy reforms that would create space for development spending.

It said, “Building resilience in the face of these trends requires countries to act. Some countries have made progress— for instance, Angola, The Gambia, Nigeria, and Zambia have taken steps to implement significant energy subsidy reforms to create space for development spending.”

It, however, expressed worry that many countries were lagging, especially in efforts to increase revenues, such as broadening the tax base, reducing tax exemptions, and increasing the efficiency of tax administration (Punch).

The House also cautioned the potential buyers of Multichoice Nigeria, Multichoice Africa or any other Subsidiaries of the Multichoice Group operating in Nigeria to be aware of the alleged outstanding indebtedness which may have been covered in their papers.

These resolutions followed the adoption of a motion moved by Hon. Saidu Abdullahi at plenary on Wednesday.

Moving the motion, Abdullahi said Multichoice, a prominent multinational corporation operating in Nigeria, has been accused of non-remittance of tax revenues due to the Federation, as evidenced by the suppression of information discovered from the submissions in their home country.

He said the Federal Inland Revenue Service (FIR) had engaged a consultant in 2021 under a Whistle blowing contract to carry out an audit of the tax obligations of Multichoice Nigeria and MultiChoice Africa with a view to ascertaining the company’s tax indebtedness to the Country.

The lawmaker stated that their findings led to a back audit and investigation carried out by the FIRS from 2011 to 2020.

Abdullahi said the previous attempts by FIRS to recover the unpaid taxes through legal means; including court proceedings and the subsequent resolution to settle out of the court by both parties has not yielded the desired result.

He said: “The systems audit and investigation revealed enormous indebtedness to the tune of over N1.8 trillion in back total taxes for MultiChoice Nigeria, and $342 million in Value-added tax, for MultiChoice Africa that had never paid any taxes since they started business operations in Nigeria. Both amounts were levied upon the Multichoice Group by the FIRS.

“There are ongoing arrangements to sell Multichoice Nigeria and other Multichoice Group Subsidiaries in Nigeria to a foreign Interest, while this tax indebtedness remain outstanding; if urgent actions are not taken to recover these tax revenues from the Multichoice Group, Nigeria may lose such huge revenue that can inject life into the economy.” (Leadership).

This aptly projects the current state of Nigeria.

No one needs a soothsayer to understand that there is a global economic challenge; however been a Nigerian at the crucial times takes more than normal thinking to survive.

One has to look for all avenues to create multiple incomes. That been the case, exploring the opportunities provided by financial instrument that may not be common although with proven, tested results. One of such is the BOND.

Two major ways That You Can Make Money from Bonds

1. The individual investor can buy bonds directly, with the aim of holding them until they mature in order to profit from the interest they earn.
2. They may also buy into a bond mutual fund or a bond exchange-traded fund (ETF).

For instance, Professional bond traders dominate a secondary market for bonds, where existing issues are bought and sold at a discount to their face value.

The amount of the discount depends partially on how many payments are still due before the bond reaches maturity.

But its price also is a bet on the direction of interest rates. If a trader thinks interest rates on new bond issues will be lower, the existing bonds may be worth a little more.

In either case, the owner of the bond receives interest payments, known as the coupon, throughout the life of a bond, at the interest rate that was determined when it was issued.

But what are coupons? A coupon-paying bond pays a pre-determined amount of interest, usually twice a year until the date the bond matures. But a zero-coupon bond is bought at a discount from its face value, and the investor receives the full face value when it matures.

The interest paid on bonds may be pre-set or may be based on prevailing interest rates at the time it matures.

For instance, if you invested $1,000 in a 10-year bond with a coupon rate of 4%, the issuer would send you a coupon (interest) payment of $40 every year. Most bonds pay twice a year, so you would receive two checks for $20 each.

But what is my “Kobo’ advice all about, a glimpse of the current realities of Nigeria’s Economy drives my point home.  A family of four is estimated monthly costs are ₦1,132,503.4 without rent.

For the Single, it is estimated that a person estimated monthly costs are ₦318,606.8 without rent. This may sounds weird right?

Again, Rent in Nigeria is, on average, 67.4% lower than in United States.  I would not want to boarder you as much, but I intend to create urgency for economic expansion of income into to you, so that you will understand the fierce urgency of tapping into creating multiple incomes for yourself and consider harnessing opportunities around of you most especially through the BOND.

With challenges of unemployment, underemployment starring us in the face as a people the average monthly net salary (after tax) ₦98,280.93, while for you to rent an apartment (like 3 bedrooms) outside of the centre ₦694,028.21, ₦200,000.00-1,500,000.00.

Don’t even think of the high brown areas yet.  A single Apartment (1 bedroom) in City Centre 479,350.41 ₦150,000.00-1,200,000.00, whilst 1 bedroom Outside of Centre falls within 313,579.16 ₦ 80,000.00-700,000.00.

For the married or couples, Childcare Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child ₦49,691.67, ₦25,000.00 or ₦100,000.00, But International Primary School, Yearly for 1 Child 849,305.56 ₦300,000.00-3,000,000.00 respectively.

This is alarming and involved a lot of money that traditional means of income cannot gather for.

And because you cannot live without internet connection, no matter how despicable it is right now.  Mobile Phone Monthly Plan with Calls and 10GB+ Data cost 5,192.31 ₦5,000.00-7,500.00 Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) ₦21,344.31, ₦13,000.00-30,000.00

For those like “Jollification”, Bottle of Wine (Mid-Range) ₦3,000.00 ₦1,500.00-7,000.00, although Domestic Beer (0.5 liter bottle) goes for 485.05, ₦300.00-714.29, while Imported Beer (0.33 liter bottle) ₦659.59 ₦450.00-1,000.0. But if you must smoke, Cigarettes 20 Pack (Marlboro) 775.00 ₦500.00-1,000.00, you can see it is not a play matter!

Because, you can live without food, “man shall l not live by bread alone” they say. A Meal, for Inexpensive Restaurant 1,500.00 ₦500.00-3,000.00 and Meal for 2 people, mid-range restaurant, three-course 20,000.00 ₦2,000.00-45,250.00. I can go on and on, to established the fact that extra income, this time around through BOND is timely and should be considered.

It is my conviction that the amalgam of information provided, corresponding challenges highlighted will propel you take a look at BONDS as an alternatives to creating wealth.

He said this while urging the citizens to endeavour to pay their taxes to boost government revenue and improve service delivery.

“That is too low for a country that has more than 200 million populations,” he said.

Shehu made this known in an interview with the News Agency of Nigeria (NAN) on Sunday.

Shehu also disclosed that the commission developed software to enhance transparency in revenue generation and sharing amongst the three tiers of government.

He lauded the idea of a Tax Reform Committee recently set up by President Bola Tinubu.

He said that the committee would do a lot to include economic players from the informal sector in the tax net.

“There is all this debate about the informal economy. What this tax reform committee will do is bring a lot of agencies together, including RMAFC. We are members of that committee. We have articulated our position, and we will communicate what we believe can add value to the discussion.

“At the end of it all, we will have a better society where more people are paying taxes and the money will be utilised for better services and infrastructure so that every Nigerian can benefit,” he said.

He urged the Federal Inland Revenue Service to collaborate with the Nigeria Customs Service to identify certain categories of Nigerians who evade taxes.

“There are some taxes that the government is not getting from Nigerians. I believe the FIRS will look at all those things and then collaborate with the NCS for better efficiency.

“I think it is very important for every Nigerian to try and pay their taxes because it is from those monies that you get services.

“All the things that people like to tell you about clean environments, good roads, and functional infrastructure in other countries—it is the taxes that citizens pay that are utilised for those services.

“People should learn to pay electricity bills; they should pay their water bills; they should pay just like you pay for telephone recharge cards.

“The more you pay your taxes, the more money the government has to put into road and rail construction, better hospitals, pensions, social security, and a better plan to help the needy,” he said.

(NAN).

The announcement was made by Mr. Zacch Adedeji, President Tinubu’s special adviser on revenue, during the virtual TOPAZ 88 lecture series titled “Revenue Challenges and Opportunities in Nigeria Today.”

Mr. Adedeji emphasized that multiple taxations have led to reduced trust and compliance among taxpayers in the country.

He highlighted that the administration’s primary focus is to create an environment where the burden on the poor is alleviated, to tax ‘prosperity’ and ‘fruits’ instead of ‘seeds.’

Addressing the need for tax consolidation, Mr. Adedeji stated, “This is why, in the coming days when the tax committee is constituted, we will ensure that we streamline our taxes from 52 to 10 because we have realized that it is very difficult to have compliance due to so many taxes.”

One significant aspect of the proposed reform involves consolidating tax collection agencies. Mr. Adedeji pointed out that some government agencies are currently involved in both regulatory duties and revenue collection, which is not their designated mandate.

As part of the restructuring plan, regulatory bodies will focus solely on their designated regulations, while agencies specialized in tax collection will handle revenue collection tasks.

For example, Mr. Adedeji cited the Nigerian Maritime Administration and Safety Agency (NIMASA), which currently collects 3% freight duty, despite it not being within their primary duty.

The sole responsibility for freight collection lies with the Nigerian Ports Authority. Such practices have led to revenue leakages, as the government lacks clarity on the total amount collected.

In response to these issues, the Presidential adviser on revenue highlighted the government’s intention to consolidate revenue collection under one agency, the Nigeria Revenue Service.

The objective behind this initiative is to prevent duplication of efforts and ensure that all taxes due to the government are efficiently and comprehensively collected by a single entity.

These proposed tax reforms are expected to enhance revenue collection, encourage compliance, and promote a more business-friendly environment in Nigeria.

As the government works towards implementing these changes, stakeholders in the business community are closely monitoring developments to gauge the potential impact on economic growth and investment opportunities in the country.

Additionally, as part of the proposed reforms, the Federal Inland Revenue Service (FIRS) will be transformed into the Nigeria Revenue Service (NRS), unifying all tax collection activities of the Federal government.

CITN’s chairman for Abuja chapter, Kennedy Iwundu, raised this concern during the CITN Week held in Abuja on Thursday.

He emphasized that the prevailing multiple taxation problem has driven some investors to opt for importation rather than establishing production companies, resulting in adverse effects on the country’s business landscape.

Speaking at the CITN Week, themed ‘Tax Reforms Digitalisation and Its Impact on Doing Business In Nigeria,’ Kennedy Iwundu urged tax professionals to focus on the current tax system and devise effective solutions to be presented for tax reforms.

He highlighted that the existing scenario, where the Federal, State, and Local Government Areas each have an extensive list of taxes and levies, poses a significant hindrance to business growth.

Iwundu stressed that the excessive burden of multiple taxation discourages both foreign and local investments from contributing to the growth of the Nigerian economy.

The complexity of the current tax system, which includes multiple federal taxes such as company income tax and various sector-specific collections, presents a serious challenge for investors, according to the CITN chairman.

In a show of support for the Federal Government’s initiatives, the Chartered Institute of Taxation of Nigeria applauded the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms.

President Bola Tinubu recently signed four Executive Orders, including the suspension of the five percent excise tax on telecommunication services and excise duties on locally manufactured vehicles.

Mr. Samuel Agbeluyi, the President of CITN, expressed high expectations that the committee’s mandate would lead to enhanced revenue collection efficiency, promote transparency, foster a healthy tax culture, and encourage voluntary compliance.

To encourage a favorable business climate and attract foreign and local investments, stakeholders stress the urgency of implementing tax reforms and digitalization to streamline the taxation process and alleviate the burden of multiple taxes on businesses in Nigeria.

As the CITN’s call for action gains momentum, the government’s Presidential Committee on Fiscal Policy and Tax Reforms will be tasked with devising and implementing measures to address the issue of multiple taxation and create a more conducive environment for business growth.

Stakeholders hope that these efforts will foster increased foreign investments and bolster the Nigerian economy in the long run

The decision revealed via his verified Twitter handle on Wednesday, enables him to fully dedicate his attention to his new role as the Chair of the Presidential Fiscal Policy and Tax Reform Committee.

In July, President Bola Tinubu established the Presidential Committee on Fiscal Policy and Tax Reforms, appointing Mr. Oyedele as its chairman. The creation of the committee reflects President Tinubu’s commitment to addressing challenges and implementing transformative reforms in fiscal policy and taxation.

The Nigerian government has outlined the committee’s primary objectives, which include enhancing revenue collection efficiency, ensuring transparent reporting, and promoting effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

Mr. Oyedele, with over two decades of service at PwC, made the difficult yet necessary decision to exit the firm in light of his new national assignment.

He stated, “This is to enable me to focus fully with undivided attention on my new role as the Chair of the Presidential Fiscal Policy & Tax Reform Committee, which I consider an important national assignment.”

The dual roles of Mr. Oyedele had raised concerns about potential conflicts of interest and ethical issues.

However, the resignation from PwC addresses these concerns, as he expressed in his statement, “This decision will also prevent any potential distractions from real or perceived conflicts of interest. Thank you all once again for your support, best wishes, and prayers.”

Mr. Oyedele concluded his announcement with well wishes, saying, “May God bless you all, and may God bless Nigeria.”