FG To Review N6trn Annual Tax Waivers To Increase Revenue In Nigeria

FG has mulled the review of N6trn Annual Tax Waivers to increase revenue generation in Nigeria.

 

Newsonline Nigeria reports that Taiwo Oyedele, the Presidential Tax Reform Committee Chairman, says the federal government would review its tax waivers, which stood at N6 trillion.

 

This Nigeria News platform understands that Oyedele disclosed this on Friday in Abuja when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, unveiled the eight-point agenda of the Bola Ahmed Tinubu-led government’s renewed hopes.

 

According to him, the move aligns with the committee’s mandate to revamp Nigeria’s tax sector to boost economic growth.

 

He noted that the country has an N20tn tax gap, which can boost government revenue when closed with automated processes.

 

Oyedele stated that what is most important is to remove disincentives to businesses which encourage rapid economic development.

 

“Incentives in and of themselves are not wrong. But you will also agree that you must review what you have done for years as time changes.

 

“We think that what is more pressing and even more important than giving incentives is removing disincentives.

 

“The good thing about removing disincentives is that it doesn’t cost the government money. It stimulates the economy and helps us to create wealth and growth; this is inclusive.”