The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured international investors that Nigeria’s ongoing tax reforms are designed to make the country’s business environment more predictable, fair, and investment-friendly.
Speaking on Thursday in Washington D.C. during the World Bank/IMF Annual Meetings, Oyedele said the initiative is not just about increasing government revenue, but about restructuring Nigeria’s tax system to encourage compliance and boost investor confidence.
“We currently have around 60 different taxes. Our goal is to repeal outdated laws and consolidate them into a simplified structure,” Oyedele explained in an interview with Arise TV. “The idea is to create clarity and predictability for those doing business in Nigeria.”
He stressed that the reform committee’s work is anchored on three main goals — simplifying compliance, ensuring fairness, and widening the tax net without overburdening low-income earners or small businesses.
According to him, the plan includes leveraging technology to automate tax processes and reduce human interference, thereby cutting red tape and minimizing corruption in revenue collection.
Oyedele noted that the reforms would also make the system more progressive, ensuring wealthier individuals contribute more in taxes while protecting lower-income households from additional financial strain.
“We’ve been deliberate about balancing the system. The middle class will see a reduction in their tax burden, while those at the top will pay slightly more. The idea is fairness — everyone benefits from a simpler, more efficient system,” he said.
He also disclosed that the government intends to exempt individuals earning below ₦250,000 monthly from income tax obligations, providing relief to vulnerable groups.
The reform package, he added, would help increase Nigeria’s low tax-to-GDP ratio and create a more transparent environment capable of attracting long-term foreign direct investment.
The meetings in Washington, according to Oyedele, provide a platform to engage global financial institutions and investors on the objectives and progress of the reform agenda.
