On 28th June, 2024 the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele during an interview with Channels Television, revealed the budget of the country both the budget of the Federal Government and State Governments was less than the budget Kenya which was around thirty billion US dollars, while the entire budget of Nigeria was around thirty billion US dollars.
According to Channels Television, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele said "Certainly, you know the whole idea is that we have done whatever we are doing now for decades, and it hasn’t produced the right result. We have over 60 different taxes and levies, but we are barely even collecting enough money to fix roads. By the way, the entire budget, that’s the Federal Government’s of about N29 trillion plus all the states in Nigeria about N15 trillion – if you add it all, it comes to about N44 trillion. That’s around $30 billion. That $30 billion is even less than the budget of Kenya which is around $32 billion. It is barely a quarter of South Africa’s budget at $130 billion. And of course, it’s even less than the budget of New York City, not even just New York State."
Taiwo Oyedele added that the Federal Republic of Nigeria was a poor country with the potential to be a wealthy country, and they believe that based on the analysis the members of the Presidential Committee on Fiscal Policy and Tax Reforms have done and the data available to them that the right way to go to was not to introduce more taxes. He also added that they believed that having fewer taxes in the country was broad-based, easy to collect, and would not place a burden on the bottom of the ladder of society was the way forward for the progress and development of the country.