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Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has emphasized that Nigeria’s current tax laws are hindering economic growth.
Speaking at the inaugural Economic Roundtable/2025 macroeconomic outlook event, Oyedele noted that the tax system is overly complex, with numerous taxes and agencies, making it difficult for businesses to thrive.
Oyedele’s concerns are echoed by the recent passage of four tax reform bills by the House of Representatives, which aim to simplify the tax system and promote economic growth.
The bills are currently with the Finance Committee for further review and public hearings.
To address the challenges posed by the current tax system, Oyedele proposes a more streamlined approach, where taxes are simplified, and businesses are supported through initiatives like credit facilities and capacity development programs.
Additionally, Oyedele suggests that the fiscal authorities can address foreign exchange issues by imposing taxes on premiums earned in the parallel market.
This proposal, however, has not gained popularity.
Other experts, including Dr. Doyin Salami and Johnson Chukwu, have emphasized the need for efficient government spending, stability in the economy, and effective policy execution to drive economic growth.
