#Transformative Tax Reforms Aim to Streamline Nigeria’s Complex Tax System

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed at the BusinessDay Africa Trade Summit that Nigerians currently face over 200 unofficial taxes. The committee aims to simplify the tax structure, harmonizing it from over 200 to 60, with a goal of increasing the tax-to-GDP ratio from 10% to 18% in the next two to three years. Oyedele emphasized the importance of modernizing tax laws and positioning Nigeria as the preferred destination for retirement, creative economy, technology research, and development, fostering inclusive economic growth and competitiveness.