Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, has called for a lower corporate tax rate and a simplified tariff system to create a more enabling environment for small businesses and investors in Nigeria.
Speaking at a public lecture in Abuja to mark his 50th birthday, Oyedele said Nigeria’s current tax system is outdated, overly complex, and discourages business growth—especially for low-income earners and SMEs.
He highlighted ongoing reforms that include full income tax exemption for over one-third of workers, higher exemption thresholds for small businesses, and zero-rating of essential goods.
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According to Oyedele, policy changes should prioritise reducing taxes on raw materials and inputs, boosting exports, and creating a fair system that supports remote work and digital entrepreneurship.
“The government should focus on doing only what the private sector cannot do, and do it efficiently,” he said, urging smarter spending, data-driven policies, and a shift away from overregulation.
He stressed the need for inclusion, transparency, and a stable naira policy—suggesting that businesses should be allowed to pay taxes in naira even when earning in foreign currencies.
Oyedele concluded by encouraging citizens to be informed, ask questions, and constructively engage in nation-building. “Ignorance compounds vulnerability and steals opportunity,” he warned.
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