Tinubu’s Tax Reforms Aim to Ease Burden on Vulnerable Nigerians

December 13, 2024

2 minutes read

Tax reforms

President Bola Tinubu’s administration has introduced tax reforms designed to alleviate the financial burden on vulnerable Nigerians while improving the nation’s fiscal framework. This was disclosed by Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during recent discussions with stakeholders.

Oyedele emphasized that the reforms are not solely about taxation but also include fiscal policy adjustments to create a more equitable system. He noted that the current tax-to-GDP ratio in Nigeria, which stands at approximately 10%, is among the lowest globally, underscoring the need for reform.

Under the initiative, tax policies are being streamlined to reduce the complexity of compliance and eliminate redundant levies. These changes aim to encourage investment, boost economic productivity, and ultimately reduce poverty levels. Oyedele revealed that Nigerians currently pay about ₦1.5 trillion in taxes annually despite generating an income of ₦15 trillion, which highlights inefficiencies in the tax system.

In a related development, Senator Adams Oshiomhole has advised state governors to engage in negotiations to ensure fair tax bills. Speaking at an event, Oshiomhole stated, “You get what you negotiate,” urging state leaders to collaborate with the federal government to address the concerns of their constituents.

Oshiomhole also highlighted the need for governments at all levels to improve transparency and accountability in utilizing tax revenue. His remarks underscore the broader challenge of building public trust in the tax system.

The reforms aim to reduce the tax burden on vulnerable groups while ensuring that wealthier individuals and corporations contribute their fair share. Oyedele stated that these measures would result in a more balanced distribution of resources and improve public services for all Nigerians.

Critics, however, have expressed concerns about the implementation of the reforms, calling for clarity on how the changes will address longstanding issues such as multiple taxation and misuse of public funds. Advocacy groups have urged the government to adopt a phased approach to ensure a smooth transition and avoid unintended consequences for businesses and households.

As the government continues to roll out these reforms, Nigerians are hopeful that the changes will lead to a fairer tax system and drive economic growth, particularly for vulnerable populations.

Share:
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Related Links

Nigeria Sets 16 as Minimum Age for University Admission

The Federal Government of Nigeria has established 16 as the minimum age for admission into ...

Red sea

Germany Summons Chinese Ambassador Over Incident in Red Sea

Germany summoned China’s ambassador to Berlin on July 8, 2025, after a Chinese warship allegedly ...

CHOLERA

Sudan Faces Malnutrition and Cholera Crisis Amid Ongoing Conflict

In El Fasher, the capital of Sudan’s North Darfur province, nearly 40% of children under ...

Russia

Ex-Russian Minister Starovoit Dies in Apparent Suicide

Russia’s former Transport Minister Roman Starovoit, 53, was found dead with a gunshot wound in ...

Features

Netherlands Returns 119 Looted Benin Bronzes to Nigeria

On Thursday, June 26, 2025, the Netherlands returned 119 looted artifacts, known as the Benin ...

Ngugi-wa-Thiongo

Ngũgĩ wa Thiong’o:Passed the pen to the Next Generation.

Ngũgĩ wa Thiong’o, a legendary Kenyan writer, scholar, and revolutionary voice in African literature passed ...

ECOWAS

ECOWAS Celebrates 50th Anniversary Amid Sahel States Tensions

On May 28, 1975, fifteen West African nations signed the Lagos Treaty, establishing the Economic ...

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

​Bitcoin, the pioneering cryptocurrency, has captivated the financial world with its innovative technology and notable ...

Guinea Sets September 2025 Date for Constitutional Referendum as Military Inches Toward Democratic Transition

Guinea Sets September 2025 Date for Constitutional Referendum as Military Inches Toward Democratic Transition

Guinea’s military-led government has officially announced that a national referendum on a new constitution will ...

Ivory Coast economic growth

Côte d’Ivoire’s Economic Boom Faces Political Test in 2025 Election

Ivory Coast’s Economic Success: A Model for West Africa Côte d’Ivoire has emerged as one ...

Phillis Wheatley

Phillis Wheatley: The Trailblazing African American Poet Who Defied Oppression

Phillis Wheatley: A Pioneer in Black Literature and Poetry Phillis Wheatley was a groundbreaking poet ...

Women Participation in Politics

International Women’s Day 2025: Advancing Rights, Equality, and Leadership for African Women

The 2025 International Women’s Day (IWD) theme, “For ALL Women and Girls: Rights. Equality. Empowerment,” ...

Latest News

Today in History

July 8th is the day in 1896 that William Jennings Bryan delivers his Cross of Gold speech advocating bimetalism at the 1896 Democratic National Convention in Chicago.

Exchange Rate Per Dollar

AM Armenian Dram383.9665
GH Ghana Cedi10.4109
GM Gambian Dalasi71.5
GN Guinea Franc8,661.17
NG Nigerian Naira₦1,534.07
CF CFA Franc BEAC559.5482
08 Jul · CurrencyRate · USD
CurrencyRate.Today
Check: 08 Jul 2025 22:05 UTC
Latest change: 08 Jul 2025 22:00 UTC
API: CurrencyRate
Disclaimers. This plugin or website cannot guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
You can install this WP plugin on your website from the WordPress official website: Exchange Rates🚀

YOUR THOUGHTS

Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make wapress.africa even better!

newsletter image

Stay up to date with the latest from West Africa Press

Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on WApress.

Subscribe Newsletter!

Be the first to receive our latest contents and more...

Need help?