Oyedele says new tax legislation aims at more than just raising revenue.

By Emma Ujah, Abuja Bureau Chief

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the new Tax Acts aim not only to increase revenue but also to build trust among Nigerians.

He addressed the audience virtually at the opening of the 2026 Annual Conference of the Chartered Institute of Taxation of Nigeria (COTN) in Abuja on Tuesday.

Oyedele explained that while the government seeks higher revenue, this goal can be met only if the public understands the value of tax compliance for the collective good.

He highlighted that the current tax framework has simplified payment procedures, reduced the number of taxes, and exempted low‑income earners from Personal Income Tax.

Oyedele urged tax professionals to act as advisors to the government, interpreting the new tax legislation for their clients and the broader public.

In his remarks, Dr. Tope Fashua, Special Adviser to the President on Economic Matters in the Office of the Vice President, emphasized that fiscal policies must continually evolve.

He said, “Given recent events around the world, there is a need for government to be very prepared and for fiscal policies to continue to evolve.”

Fashua noted that fiscal reform is a process, adding, “It’s not going to be a walk in the park. It’s not going to be an easy affair; if it was, it would have been done a long time ago. So people will still complain about multiple taxation, levies from local government and all of that.
“I’m sure it still costs a lot to ship, to move a trailer from Kano to Lagos Port carrying commodities—many stoppages along the way.”

He continued, “But the process has started to outlaw some of those collections. And of course, we also depend on Nigerians because again, those who are collecting this unnecessary money are also Nigerians. So we have to appeal to ourselves. We also have to be watchdogs.”

Fashua called for an aggressive public‑awareness campaign on the new Tax Acts, stating, “There’s an information lacuna, and in my own personal interactions in recent times, I was with a group of very young people who did not know that the tax reforms were good for them.

“So it takes time to be able to explain over and over again. In my other life as a marketer, we understand that it takes an average of five times to talk to somebody about an idea before it begins to sink in.”

The adviser added that the government aims to raise Nigeria’s tax‑to‑GDP ratio from 10 percent to 18 percent, noting that it was about 6 percent three years ago.

Dr. Fashua also disclosed that the government plans to lower Company Income Tax from the current 30 percent to 25 percent.

In his address, CITN President Innocent Ohagwa