Nigeria Loses N6trn To Tax Incentives

Chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele

has said Nigeria has lost over N6 trillion to tax waivers.

He said instead of granting tax waivers to businesses, the government should create an enabling environment for businesses to thrive and pay more taxes.

Mr Taiwo told journalists that if Nigerians were paying the right taxes, the nation would have gotten extra N20 trillion from tax collection annually. The current administration has said it would introduce tax reforms to phase out multiple tax system and ensure Nigeria has a fair, convenient and equitable tax system.

The minister said government has plan for economic growth, job creation, access to capital particularly consumer credit that makes goods affordable to the ordinary Nigerians. He said the focus is on inclusivity, women, youth, making all have the opportunity to come to the table and contribute to the growth of the economy and society and likewise by focusing on security, rule of law, and anti-corruption, he tends to create a fairer and safer playing field for all.

“On one hand it is by increasing tax revenue not by increasing taxes necessarily but by bringing greater efficiency. The aim is to bring greater efficiency to cut leakages and to maximize the legitimate revenue that should come to government.

“Likewise in order to gain and build public trust, there will be emphasis on efficiency in of government expenditures and similarly effective debt management so that borrowing has the link to it , the return on investment, we will borrow and you will see the cash flow that will repay that borrowing.

“The president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty,” the minister stated.