FG Collects Over 60 Taxes, Levies From Nigerians, Businesses Yet Nothing To Show For It – Oloyede Fumes

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has expressed concerns regarding the government’s numerous taxes and levies collected from Nigerians and businesses with nothing to show for it.

Speaking on the effectiveness of the federal government’s tax collection efforts during a Senate plenary session on Wednesday, Oyedele remarked that the current fiscal framework stifles growth, as the numerous taxes collected yield no tangible benefits.

He also emphasized the government’s commitment to addressing Nigerian businesses’ obligation to pay taxes despite experiencing losses, highlighting the necessity for thoroughly examining the system through essential reforms.

“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” Oyedele noted.

However, after the discussions on Wednesday, the legislators opted not to pose any questions, deciding instead to invite the team to the next legislative session to elucidate some aspects of the proposed reforms before reaching a final decision.

Naija News reports that Oloyede’s assertion came after the Senate’s protest on Wednesday regarding the entrance of the Federal Inland Revenue Service (FIRS) Chair, Zacch Adedeji, along with consultants, into the Upper Chamber.

The lawmakers suspended their rules to allow Adedeji and the consultants to explain the Tax Reform Bill.

Nevertheless, prior to their admission, a minor disturbance occurred as some legislators expressed their discontent with the FIRS Chair’s presence in the chamber.