A report by daily post says that according to Taiwo Oyedele, who heads the Presidential Fiscal Policy and Tax Reforms Committee in Nigeria, the country can increase its revenue by a substantial amount without introducing new taxes.
During an interview with "Politics Today" on Channel Television on Friday, he revealed this.
The estimated N20 trillion tax deficit in Nigeria may be closed, he claims, by better tax administration through the use of technology.
He underlined that his group has consulted extensively with governors, federal revenue services, and key industry stakeholders, among other broad and far-reaching activities.
Oyedele was optimistic when asked about the possibility of raising money without raising taxes.
He made the observation that, despite having over 60 separate taxes and levies, there is still insufficient revenue to properly finance essential infrastructure such as roads.
"Our position is to call for the consolidation and harmonisation of current taxes rather than the introduction of new ones," he continued.
According to DAILY POST, the committee was established in July 2023 by President Bola Ahmed Tinubu to tackle critical issues within Nigeria's tax system.
The total revenue earned by Nigeria in 2023 was N12.37 trillion. Similarly, with a year-end goal of N19.4 trillion, Nigeria's tax collection in Q1 2024 soared to N3.94 trillion.