ENUGU, Nigeria (VOICE OF NAIJA)- The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has alleged that Nigeria’s federal government has little to show for the over 60 taxes and levies imposed across the country.
Speaking at the Senate plenary on Wednesday, Oyedele criticized the current fiscal system, describing it as counterproductive to economic growth.
“The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it,” he said.
He further highlighted the challenges businesses face, noting the federal government’s intention to address cases where companies are taxed even while incurring losses.
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“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” Oyedele added.
The session also addressed the need for key reforms aimed at making the tax system more investment-friendly and growth-oriented.
Lawmakers agreed to invite Oyedele’s team for further clarifications during the next legislative sitting before making a final resolution.
The plenary, however, was not without tension. A brief uproar ensued when the Federal Inland Revenue Service (FIRS) Chair, Zacch Adedeji, and a group of consultants sought entry to the Upper Chamber to explain the Tax Reform Bill.
Some senators initially protested their admission, questioning the necessity of their presence.
Despite the resistance, the Senate suspended its rules to allow Adedeji and the consultants to address the chamber.
However, following Oyedele’s remarks, lawmakers opted to defer further deliberations until the next session.