The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has said that Nigeria will experience monumental development if the country gets its tax system right.
Oyedele stated this while receiving a delegation from the Chartered Institute of Taxation of Nigeria, CITN, in his office in Abuja.
He commended the institute for initiating the National Tax Awareness Day and for supporting the Federal Government’s ongoing tax reforms.
Urging the institute to intensify public enlightenment, the minister noted that many Nigerians still perceive taxation as merely a means for the government to take money from citizens.
He said that the government’s priority is not to increase tax rates, but to expand the tax net by ensuring that all eligible taxpayers fulfil their obligations.
He added, “We are still not generating enough revenue from taxes. Our focus is not on increasing taxes but on ensuring that those who are supposed to pay taxes actually do so.
“We want to promote fairness in tax administration.”
Speaking earlier, the President and Chairman of Council of the CITN, Mr Innocent Ohagwa, said that widespread misconceptions had trailed the government’s tax reform initiatives.
He added, “Over the past year, we have observed numerous misconceptions surrounding the reforms.
“Some people believe the reforms introduced entirely new taxes on every aspect of economic activity.
“Others assume the reforms were designed solely to increase government revenue without considering taxpayers’ welfare.
“Some business owners have also expressed concerns about compliance obligations without fully understanding the reliefs and protections available to them, leading to confusion and unnecessary anxiety fuelled by conflicting information on social media.”
Ohagwa stressed that tax compliance should not be viewed as a burden but as a civic responsibility and a collective contribution to national development.
He added, “Taxation works best when there is trust.
“Taxpayers must fulfil their obligations, while the government must uphold accountability, transparency and ensure the effective use of public resources.”
Source: Vanguard