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Finance Minister Taiwo Oyedele has said that Nigeria's revenue challenge lies in expanding the tax net rather than increasing tax rates. The minister made this statement on June 26, 2026, the same day President Bola Tinubu signed the Tax Reform Acts into law exactly one year ago. The awareness campaign coincided with the National Tax Awareness Day, aimed at promoting fairness in tax administration.
The Chartered Institute of Taxation of Nigeria (CITN) launched the National Tax Awareness Day at Wuse Market, one of the country's key commercial hubs. The 17th President of the CITN, Innocent Ohagwa, said the initiative was designed to bridge the information gap surrounding Nigeria's tax reforms. Ohagwa explained that many Nigerians were still uncertain about the changes and how they would affect businesses and individuals.
According to Ohagwa, widespread misconceptions have continued to fuel anxiety among taxpayers. Some people believe the reforms introduced new taxes across all aspects of economic activity, while others assume they were designed solely to raise government revenue. Ohagwa, however, said the reforms contain significant reliefs and incentives for both individuals and businesses. 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 enjoy zero-rated Value Added Tax treatment.
The CITN president also stated that targeted tax incentives had been introduced for agriculture, aquaculture, dairy production, cocoa processing, and animal feed manufacturing. Eligible investors could benefit from tax credits under the Economic Development Incentive. Despite the incentives, Ohagwa reminded taxpayers that compliance remained a legal obligation. He urged traders, entrepreneurs, and business owners to obtain Tax Identification Numbers, keep proper records, file accurate returns on time, and seek professional guidance when necessary.
The awareness campaign was a collaborative effort between the CITN and the Federal Government. The Finance Minister commended the Institute for supporting the government's tax reform agenda, emphasizing the need for public understanding of taxation. Oyedele stated that the government wanted to promote fairness in tax administration and ensure that those who are supposed to pay taxes do so. He also urged the Institute to establish annual awards to recognize the country's most compliant taxpayers as a way of encouraging voluntary tax compliance.
The Finance Minister's statement highlights the government's commitment to expanding the tax net and promoting fairness in tax administration. The awareness campaign is a step towards bridging the information gap surrounding Nigeria's tax reforms, and it is essential for promoting voluntary compliance among taxpayers.
'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,' said Taiwo Oyedele.