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We have no plan to increase taxes — FG

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Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has disclosed that the administration of President Bola Tinubu would not impose higher tax rates on Nigerians.

He said this while answering FAQs from the public on the objectives of the committee and giving progress reports on the work done by the committee as they aim to “meet our deliverables on time according to plan”.

According to him, the objective of the committee is to reduce the number of taxes and levies imposed on Nigerians.

He said there is no plan to increase taxes, rather the committee would “harmonise revenue collection” to reduce the tax burden.

“We do not intend to introduce new taxes or impose higher tax rates. Rather, our mandate is to reduce the number of taxes and levies while harmonising revenue collection to reduce the burden on the people and businesses.

“The objective is to avoid taxing investment, capital, production or poverty. We plan to review and re-enact the major tax laws in a holistic manner thereby limiting the necessity for frequent changes through annual finance acts.”

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