FG Rules Out Tax Hike, Seeks Wider Tax Compliance

The Federal Government has assured Nigerians that it has no plans to introduce higher taxes, saying its focus is on bringing more eligible individuals and businesses into the tax system.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known while receiving a delegation from the Chartered Institute of Taxation of Nigeria at his office in Abuja on Thursday.

During the meeting, the minister commended the institute for introducing a National Tax Awareness Day and for supporting the Federal Government’s ongoing tax reform programme.

He said the institute should increase public education efforts because many Nigerians still believe taxation is simply a way for the government to collect money from citizens. According to him, there is a need to help people better understand the purpose of taxation and the role it plays in national development.

Oyedele explained that the government’s priority is not to raise existing tax rates but to ensure that individuals and businesses who are legally required to pay taxes meet their obligations.

He noted that the country is still generating less tax revenue than expected and said improving compliance among eligible taxpayers would help increase government income without placing additional tax burdens on those who already pay.

The minister added that the current approach is aimed at creating a fairer tax system where everyone who falls within the tax net contributes accordingly.

He maintained that broadening the tax base would strengthen government revenue while promoting fairness and improving tax administration across the country.