Nigeria No Fit Borrow Way Enter Development Again — Oyedele
Taiwo Oyedele don warn say Nigeria can no longer depend mainly on borrowing to finance development projects, insisting say the country must build stronger and sustainable economic system.
Oyedele make the statement on Tuesday during the 28th Annual Tax Conference organised by Chartered Institute of Taxation of Nigeria for Abuja.
Him comments come barely one day after reports say Federal Government dey discuss fresh $1.25 billion loan with the World Bank to support economic reforms and job creation.
“Borrowing No Be Solution Again”
According to Oyedele, Nigeria need better fiscal structure wey fit sustainably support infrastructure, healthcare, education, security and social welfare.
“Nigeria no fit continue to finance development mainly through borrowing,” he talk.
Him explain say sustainability no be only about raising revenue, but also promoting growth, reducing inequality, protecting vulnerable citizens and encouraging productivity.
FG Tax Reforms Go Strengthen Economy
The minister say ongoing tax reforms under President Bola Ahmed Tinubu administration dey aimed at making Nigeria more attractive to investors while improving government revenue.
Oyedele say Nigeria tax system don suffer for years because of:
- multiple taxation
- weak compliance
- fragmented administration
- overdependence on limited revenue sources
According to am, many businesses face overlapping taxes and rising compliance costs, while citizens often see the system as unfair.
Low-Income Earners Get Relief
Oyedele disclose say minimum wage earners don already get exemption from personal income tax under the new reforms.
Him also say government don reduce tax burden for low and middle-income earners to ease economic pressure.
For companies, the government dey propose lower corporate tax rates to attract more local and foreign investment into Nigeria.
VAT Reform Go Help Reduce Inflation
The minister add say government dey modernise Value Added Tax (VAT) framework by expanding VAT credits and clarifying exemptions for essential goods and services.
According to am, the reforms go reduce production costs and improve efficiency across supply chains, which fit also help slow inflation.
Oyedele further reveal say 15 states don already pass tax harmonisation laws to reduce multiple taxation on businesses.
Technology Go Drive Future Tax System
The Finance Minister say technology go play major role in future tax administration for Nigeria.
According to am, government dey prioritise:
- digital filing systems
- automation
- data integration
- technology-driven compliance
However, him admit say challenges like weak institutions, informal sector integration and lack of public trust still remain.
Shettima Defends Tinubu Reforms
Vice President Kashim Shettima also defend the reforms during the conference.
Represented by Tope Fasua, Shettima say the reforms na pro-people and pro-business policies wey fit lift millions of Nigerians out of poverty.
Him insist say Tinubu administration no be anti-business, but focused on creating environment where Nigerians fit prosper.
Oshiomhole Wants Rich Nigerians To Pay More Tax
Former Edo State Governor, Adams Oshiomhole, also support the reforms.
According to am, wealthy Nigerians and private jet owners suppose contribute more taxes to national development just like advanced countries dey do.
Him add say taxation remain critical for funding infrastructure, healthcare, education and social welfare.
CITN Backs Reforms
President of Chartered Institute of Taxation of Nigeria, Innocent Ohagwa, describe the reforms as the biggest overhaul of Nigeria fiscal structure in more than 30 years.
Him say the reforms fit help Nigeria move from “a country wey dey borrow to survive to one wey dey invest to thrive.”
The conference carry theme: “Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for Sustainable Future.”
