Prof. Ishaq Oloyede raises concerns about Nigeria’s taxation system, claiming over 60 taxes and levies are collected nationwide with no visible benefits for citizens.
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has claimed that despite collecting over 60 different taxes and levies nationwide, the federal government has little to show for it.
He made a claim during the Senate’s plenary session on Wednesday.
He stated, “Our current fiscal system stifles growth by imposing over 60 taxes and levies nationwide, yet there are no visible results to justify them.”
He also mentioned that the FG plans to stop forcing Nigerian businesses to pay taxes when they are facing losses, highlighting the necessity of reviewing and reforming the system.
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“We aim to shift the tax focus from capital and poverty towards investment. Our current tax base is gradually being lost to other countries, highlighting the urgent need for tax system reform,” he stated.
After the explanations are concluded, the lawmakers choose not to ask questions. Instead, they decide to invite the team on a future legislative date for further clarification on aspects of the proposed reforms before making a final decision.
Oloyede’s accusation came after the Senate expressed its disapproval on Wednesday regarding the presence of Zacch Adedeji, Chair of the Federal Inland Revenue Service (FIRS), and consultants in the Upper Chamber.
The legislators waived their rules to allow Adedeji and the consultants to explain the details of the Tax Reform Bill.
However, before they were allowed in, a minor uproar occurred when some lawmakers opposed the entry of the FIRS Chair into the chamber.
