The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has criticized Nigeria’s tax system, describing it as unconducive for economic growth.
Speaking at the inaugural Economic Roundtable and 2025 Macroeconomic Outlook event hosted by Agusto & Co. in Lagos, Oyedele highlighted the excessive taxation burden on businesses.
“We are trying to grow, but we’re struggling, and the tax system is holding us down. There are too many taxes and agencies collecting them at every turn,” he said.
He recounted a conversation with a small business owner who likened the system to the government “feasting on businesses.” To illustrate, he proposed a social experiment:
“Put up a simple business banner on the roadside, sit back, and within two days, at least five agencies will show up—demanding levies before you even get a customer,” he stated.
Oyedele expressed hope that one day, government agencies would focus on supporting businesses rather than overburdening them with taxes.
On the foreign exchange crisis, he assured that fiscal authorities were capable of addressing the issue, though the approach might not be widely popular.
