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Nigeria Needs More Taxpayers, Not Higher Taxes, Says Finance Minister Taiwo Oyedele
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday said Nigeria’s revenue challenge lies in expanding the tax net rather than increasing tax rates, stressing that the country needs more taxpayers, not higher taxes.
Oyedele spoke in Abuja while receiving the leadership of the Chartered Institute of Taxation of Nigeria during a courtesy visit to the Federal Ministry of Finance at the end of the Institute’s maiden National Tax Awareness Day, which featured a road walk and taxpayer sensitisation at Wuse Market as well as a visit to the headquarters of the Nigerian Revenue Service.
The awareness campaign coincided with one year since President Bola Tinubu signed Nigeria’s landmark Tax Reform Acts into law on June 26, 2025.
Commending the Institute for supporting the Federal Government’s tax reform agenda, Oyedele said public misunderstanding of taxation remained one of the biggest obstacles to improving compliance. According to him, many Nigerians still believe that whenever the government talks about taxation, it is simply seeking to collect more money from citizens.
“We are still not getting enough revenue from taxes; it is not about increasing taxes, but making sure that those who are supposed to pay taxes pay.
We want to promote fairness in tax administration,” he said.
The minister added that getting Nigeria’s tax system right would have a transformative impact on national development. He also urged the Institute to establish annual awards to recognise the country’s most compliant taxpayers as a way of encouraging voluntary tax compliance.
Earlier, the tax awareness campaign commenced at Wuse Market, where the 17th President of the Chartered Institute of Taxation of Nigeria, Innocent Ohagwa, said the initiative was introduced to bridge the information gap surrounding the country’s tax reforms and improve voluntary compliance.
He explained that although the reforms had been in force for one year, many Nigerians were still uncertain about the changes and how they would affect businesses and individuals.
“The laws have been signed, implementation has begun, yet many taxpayers and stakeholders are still grappling with what has changed, what remains the same, and how these provisions affect their businesses and personal affairs,” he said.
According to Ohagwa, widespread misconceptions have continued to fuel anxiety, with some people believing the reforms introduced new taxes across all aspects of economic activity, while others assume they were designed solely to raise government revenue.
He, however, said the reforms contain significant reliefs and incentives for both individuals and businesses. Among the benefits, he said, individuals can now claim rent relief of up to 20 per cent of annual rent paid, subject to a maximum of N500,000, while essential goods and services, including food, education, healthcare, electricity transmission, and non-oil exports, now enjoy zero-rated Value Added Tax treatment.
He added that compensation for loss of employment or personal injury now attracts higher tax exemption thresholds. For businesses, Ohagwa said companies with annual turnover not exceeding N100m and fixed assets of not more than N250m are exempt from Companies Income Tax, Capital Gains Tax, and the Development Levy.
“This means thousands of small businesses can now reinvest in growth, job creation, and innovation,” he said.
He added that targeted tax incentives had also been introduced for agriculture, aquaculture, dairy production, cocoa processing, and animal feed manufacturing, while eligible investors could benefit from tax credits under the Economic Development Incentive.
Despite the incentives, the CITN president reminded taxpayers that compliance remained a legal obligation.
“Compliance is not a burden; it is a civic duty. It is our collective contribution to nation-building. And taxation works best when there is trust — taxpayers must fulfil their obligations, while the government must uphold accountability, transparency and the effective use of public resources,” he said.
He urged traders, entrepreneurs, and business owners to obtain Tax Identification Numbers, keep proper records, file accurate returns on time, and seek professional guidance from the Nigerian Revenue Service, the FCT Internal Revenue Service, or members of the Institute whenever necessary.
Explaining the rationale for the awareness campaign, Ohagwa said the Institute approved an annual National Tax Awareness Day after observing that many Nigerians remained uninformed about the reforms despite ongoing sensitisation.
He said Wuse Market was deliberately chosen because it represented one of the country’s key grassroots commercial hubs where taxpayer education was most needed, adding that the campaign was held in June because it coincides with the peak filing period for many corporate taxpayers.
After the market sensitisation, the CITN delegation proceeded to the headquarters of the Nigerian Revenue Service, where both organisations reaffirmed their commitment to strengthening tax awareness, voluntary compliance, and the implementation of Nigeria’s tax reforms.
Receiving the delegation on behalf of the Executive Chairman of the NRS, Dr Zacch Adedeji, the Executive Director, Finance and Corporate Services, Mohammed Abubakar, described the occasion as significant because it marked one year since the signing of the country’s landmark tax reform legislation.
“That historic milestone signalled the beginning of a new era in Nigeria’s tax administration, one anchored on simplicity, fairness, transparency, efficiency, and service delivery,” he said.
According to Abubakar, the reforms are intended to build a tax administration system that is trusted, technology-driven, and responsive to the needs of taxpayers and businesses.
He added that sustainable revenue mobilisation depends not only on enforcement but also on public awareness and confidence in tax institutions. “Taxpayers are more likely to comply when they understand their obligations, appreciate the value of taxation and have confidence in the institutions administering our tax laws,” he said.
The visit also highlighted the Service’s digital transformation agenda, with officials pointing to initiatives such as Rev360 and other technology-driven platforms aimed at delivering more efficient tax administration.
Also speaking, the Group Director, Medium Tax Group, Dr Gbenga Daniel, said the NRS would continue collaborating with professional bodies to deepen taxpayer education and improve service delivery.
“The Nigerian Revenue Service values its longstanding partnership with CITN. Together, our institutions share a common vision of improving tax administration and fostering voluntary compliance for national development,” he said.
The reception brought together Executive Directors of the NRS, members of the CITN Governing Council, senior management staff, tax professionals, and industry stakeholders before the delegation proceeded to the Federal Ministry of Finance for the courtesy visit, where Oyedele urged Nigerians to embrace the country’s evolving tax system through greater compliance rather than misconceptions about higher taxation.
In June 2025, President Bola Tinubu signed four sweeping tax reform bills into law, including the Nigeria Tax Act and related statutes that together overhaul decades-old tax statutes and modernise the country’s tax system.
The Punch
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Family, Nollywood Stars Pay Glowing Tributes to Olu Jacobs
Nollywood practitioners, colleagues, family members and associates of late veteran actor, Olu Jacobs, on Wednesday night, celebrated his life and contributions to the entertainment industry.
The event, which held at Glover Memorial Hall, Lagos Island, attracted prominent actors, filmmakers and other stakeholders in the creative industry who gathered to honour the late thespian whose career spanned more than five decades.
Celebrities at the event reflected on his professionalism, humility, mentorship and immense influence on generations of actors.
Richard Mofe-Damijo described Jacobs as a father figure whose influence helped shape the careers of many actors, including himself.
He said Jacobs’ decision to return to Nigeria and invest his talent in the local industry helped create opportunities for younger performers.
“Uncle Olu was more than a colleague; he was a father figure to many of us.”
“His professionalism, discipline and commitment to excellence set a standard we continue to aspire to.”
“His legacy is not just in the films he made, but in the people he inspired and the industry he helped build.”
Sola Sobowale described Jacobs as a remarkable actor whose talent, kindness and humility made him a treasured figure in the industry.
She said his ability to command attention on screen was matched by his warmth and generosity off screen.
“Uncle Olu was a rare gift to Nigerian cinema, and we are blessed to have witnessed his greatness.”
“He carried himself with dignity, humility and a level of professionalism that every actor should learn from.”
“His legacy will continue to live through the stories he told and the generations he inspired.”
Segun Arinze described Jacobs as one of the defining figures of Nigerian acting, noting that his career provided a benchmark for aspiring performers.
He said the late actor’s contributions extended beyond his memorable performances to the standards he established for the profession.
“He was one of the people who showed us what it truly means to be an actor.”
“His dedication to his craft and his ability to bring every character to life were exceptional.”
“Olu Jacobs may have taken his final bow, but his influence on Nigerian entertainment will never fade.”
Fred Amata described Jacobs as an exceptional actor whose professionalism and dedication to the craft inspired generations.
“Uncle Olu was a master of his craft and he brought dignity and excellence to acting.
“His legacy will continue to inspire us.”
Jide Kosoko described Jacobs as a respected colleague whose contributions to Nollywood would remain unforgettable.
“He was a brother and a great professional and his impact on this industry cannot be overstated.
“We will forever cherish the memories and lessons he left behind.” he said.
Veteran actor, Adebayo Salami, popularly known as Oga Bello, described Jacobs as one of the pillars of Nigerian acting.
“Olu Jacobs was a great ambassador of our profession and he represented excellence, discipline and humility.
“His contributions to the industry will never be forgotten.” he said.
The late Oludotun Baiyewu Jacobs was born on July 11, 1942, in Abeokuta, Ogun State.
He trained at the Royal Academy of Dramatic Art (RADA), London, before building an international career in theatre, television and film.
He later returned to Nigeria, where he became one of the most respected figures in the country’s entertainment industry.
His distinguished career earned him several recognitions, including the national honour of Member of the Order of the Federal Republic (MFR), the Africa Movie Academy Award for Best Actor in a Leading Role and the Industry Merit Award at the Africa Magic Viewers’ Choice Awards.
Beyond his remarkable performances, Jacobs was celebrated for his contribution to the professionalisation of acting, mentorship of younger talents and promotion of Nigerian stories.
The Night of Tributes provided an opportunity for the industry to celebrate a man whose artistry, integrity and commitment to excellence helped shape Nigerian entertainment.
As colleagues and admirers remembered him, the gathering reaffirmed Jacobs’ enduring place in the history of Nigerian theatre and cinema.
The funeral service is scheduled for Friday, October 2, at This Present House, Lekki Phase 1, Lagos.
NAN
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Our Objective is Not to Manage Poverty, But Defeat It, Tinubu Assures on 66th Independence Anniversary (Full speech)
By Eric Elezuo
President Bola Tinubu has assured Nigerians that the intention of his government is not to manage poverty efficiently, but to completely defeat it, stressing that his administration has recorded massive achievements in the last three years since it assumed leadership.
Tinubu made the remarks while delivering his 66th Independence Day message, titled From Reform to Prosperity, to Nigerians on Thursday.
While bringing to the fore the programmes initiated by his administration to fight poverty, Tinubu insisted that that:
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.
“We will defeat it.
“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country.”
Tinubu’s full Independence Day Speech:
My fellow Nigerians,
Sixty-six years ago today, our flag was raised, for the first time, over a free and sovereign nation. Since then, we have journeyed together as one nation, bound by our collective trust in the great promise of Nigeria: that a country of our size, our bountiful resources, our cultural diversity and, above all, our extraordinary people can build a giant in Africa; that in this blessed and fertile land we can build a united, strong and prosperous nation; a land of regional authority and global consequence.
Our journey has not always been easy. In truth, it has generally been too hard for too many. We have known moments of great hope and periods of profound disappointment. We have endured war, military rule, economic crises, insecurity and political upheaval. Yet through it all, Nigeria, with the indomitable spirit of its people, has endured.
It has endured through the efforts of the farmer who rises before dawn to work his land. The trader who opens her shop each morning, hopeful for a productive day. The teacher who believes in the children entrusted to her care and the young entrepreneur who refuses to surrender ambition to circumstance. We are grateful for the men and women of our Armed Forces and security services who place themselves in harm’s way so that the rest of us may live in peace.
Through every difficulty, generations of Nigerians have continued to believe in one thing: that this country of ours will be better.
This faith, which sustains us all, is the inheritance of independence. Our founding fathers did not struggle merely for a flag, an anthem or a place among the nations of the world. Independence carried a larger promise: that Nigerians would have the freedom to shape their own destiny and build a nation capable of providing opportunity, dignity and a better life for its people. Sixty-six years later, Almighty God has made it our responsibility to deliver that promise.
Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made, and the country we are determined to build from here.
For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.
By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.
Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.
For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.
They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.
When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.
Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come.
Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth.
Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion. This is real money being made by real Nigerian businesses.
These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change. Each has concluded that our reforms have strengthened Nigeria’s economic stability and resilience. The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year.
My fellow Nigerians, we have reached a turning point.
The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.
Now, our purpose is simple: shared and widespread prosperity.
When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal.
I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work. A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence.
This is the promise we must now fulfil.
Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume.
We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation. We are building and completing the roads, railways and ports that connect farms and factories to markets.
Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.
But prosperity requires more than cheaper goods. It requires productive work.
Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair.
We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.
We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres. We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow.
I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home.
I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work. Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.
We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.
That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it.
It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.
It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings.
That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most. Since 2023, we have paid salaries and pensions on time and in full. We have reformed the national pension program to benefit retirees and the vulnerable.
These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.
We will defeat it.
It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country.
But for the first time in decades, we embark on this task from a position of strength; with an economy whose fundamental direction has been corrected. We confronted the difficult choices we faced and have laid the foundations for lasting prosperity. Rather than fail the promise of a better future for our children, the time has come for us to build that future.
The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life.
We have travelled through difficult years together. We have made hard decisions together. And now, still together, we must build the country those decisions have made possible.
I believe deeply in what lies ahead.
I believe in the millions of ordinary men and women whose work, courage and determination have always been the true strength of our country. The road ahead will still demand much from us. But we now travel it with firm footing, a clear direction, and renewed hope in our collective future.
Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.
The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.
Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.
Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria.
Bola Ahmed Tinubu, GCFR
President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria
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Tinubu Returns to Nigeria after 4-week ‘Working Vacation’ in Europe
President Bola Tinubu has dismissed concerns over rumoured ill-health following his return to Nigeria from an extended working vacation in Europe, declaring that he is “healthy, sound, and ready to go.”
Tinubu spoke with journalists on Tuesday shortly after arriving in Lagos from Paris, where he spent the latter part of his stay abroad.
The President was responding to questions about concerns raised by some Nigerians and his supporters towards the end of his vacation regarding his health.
Tinubu rejected the concerns, saying there was nothing wrong with him.
“Ready to kick, ready to walk. There’s nothing wrong,” the President said.
He added: “Rumour will always be emanating from politics, but the facts remain I’m here. Healthy, sound, and ready to go.”
Tinubu left Nigeria on August 30 for a three-week working vacation in Europe. He initially travelled to London before proceeding to Paris, France.
The Presidency subsequently announced an extension of his stay, saying the President remained in touch with developments at home and continued to direct the affairs of the country while abroad.
His prolonged absence generated public discussion, particularly over the length of his stay outside Nigeria and its implications for his official responsibilities.
The African Action Congress also instituted legal action against Tinubu and the National Assembly over the trip, alleging that the President failed to notify the National Assembly before leaving the country.
With his return, Tinubu is expected to resume official engagements in Nigeria as the country prepares to mark its Independence anniversary on October 1.
The President’s comments in Lagos therefore sought to put to rest speculation surrounding his health, while signalling his readiness to resume his activities at home after several weeks in Europe.






