14th February 2025
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has criticized Nigeria’s tax system, calling it unfriendly for business growth.
Speaking at the Economic Roundtable/2025 Macroeconomic Outlook event organized by Agusto & Co. in Lagos on Thursday, Oyedele said Nigeria’s tax structure is excessive and discourages businesses.
“We have too many taxes and tax agencies. Whether small or big, formal or informal, businesses are taxed at every turn,” he said.
Sharing an example, he recounted how a small business owner described government taxation as “feasting on businesses.” He added, “If you put up a simple sign for a business, within days, at least five different agencies will demand fees—even before you get a single customer.”
Oyedele hopes for a future where the government supports businesses instead of burdening them with taxes.
On Foreign Exchange Policy
On Nigeria’s forex crisis, Oyedele suggested that fiscal policies could fix the gap between the official and parallel market rates. He proposed taxing any premium earned from the parallel market to stabilize the naira.
Experts Call for Better Economic Policies
At the event, Agusto & Co. Managing Director, Yinka Adelekan, stressed the need to adapt to global economic shifts.
Economist Dr. Doyin Salami outlined four key conditions for stability:
- Economic growth must outpace population growth.
- Inflation must be controlled (targeted between 10-15%).
- Government spending must be responsible.
- A strong external account position (which Nigeria is currently doing well in).
Financial analyst Johnson Chukwu criticized the government’s economic approach, saying it has “good policies but weak execution.”
