Nigeria’s Tax System Should Strengthen, Not Distort, Legitimate Economic Activities — Oyedele

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, emphasized the importance of effective tax policies in promoting legal economic activity and propelling Nigeria’s development. Oyedele offered these statements to stakeholders at a high-level workshop on budgetary reforms and economic sustainability.

Oyedele believes that taxation should be viewed as a social and economic contract between citizens and the government.

“Tax is a socioeconomic contract that states that taxes are the result of economic activity. As a result, government measures, including taxes, must not distort legitimate economic activities,” he stressed.

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Oyedele added that the process of developing solid policies must go beyond popularity or public emotion.

“Popular viewpoints do not necessarily result in sound policies. Imagine if we had everyone at the table because we want to be inclusive, but we don’t have solid data – we’re not establishing policy, we’re just gathering,” he remarked.

He underlined the significance of credible statistics in ensuring that tax reforms and government policies achieve their intended goals while not damaging the productive sections of the economy.

Policymakers, industry executives, and academics attended the event, which provided a forum for discussions about Nigeria’s fiscal future and strategies for enhancing the country’s tax system while supporting economic growth.