{"id":329044,"date":"2024-06-29T13:29:00","date_gmt":"2024-06-29T12:29:00","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=329044"},"modified":"2024-06-30T07:50:42","modified_gmt":"2024-06-30T06:50:42","slug":"how-nigeria-can-increase-revenue-with-raising-taxes-tax-reform-committee-chair-oyedele","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/06\/29\/how-nigeria-can-increase-revenue-with-raising-taxes-tax-reform-committee-chair-oyedele\/","title":{"rendered":"How Nigeria can increase revenue without raising taxes \u2013 Tax reform committee chair, Oyedele"},"content":{"rendered":"<ul>\n<li><strong>Oyedele said it was possible adding that the problem was not dearth of taxes but inability to sufficiently collect the existing taxes to fund critical projects<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Nigeria does not have to introduce new taxes or raise existing one to generate more revenue, <a href=\"https:\/\/www.google.com\/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https:\/\/taiwooyedele.com\/biography\/&amp;ved=2ahUKEwiSr_-U54CHAxWMUkEAHa6nDXYQFnoECCYQAQ&amp;usg=AOvVaw3z1FwLb6OjiKkda-tFELX7\">Taiwo Oyedele<\/a> has said.<\/p>\n<p>Oyedele is the chairman of Nigeria\u2019s Presidential Fiscal Policy and Tax Reforms Committee.<\/p>\n<p>He disclosed that if Nigeria can effectively leverage and deploy technology for better tax administration, the estimated N20 trillion tax gap in Nigeria will be bridged.<\/p>\n<p>He made the disclosure on Friday in an interview on Channel Television\u2019s \u201cPolitics Today.\u201d<\/p>\n<p>He stated that his committee has done a lot of extensive and far-reaching work, including consulting widely with governors, federal revenue services, and primary sector stakeholders.<\/p>\n<p>When asked about generating more revenue without increasing taxes, Oyedele said it was possible adding that the problem was not dearth of taxes but inability to sufficiently collect the existing taxes to fund critical projects.<\/p>\n<p>\u201cWe have over 60 different taxes and levies but haven\u2019t collected enough to adequately fund infrastructure like roads,\u201d he noted.<\/p>\n<p>\u201cInstead of introducing new taxes, we advocate consolidating and harmonising existing ones,\u201d he added.<\/p>\n<p>Recall that in July 2023, President Bola Ahmed <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/06\/27\/just-in-tinubus-budget-extension-request-sparks-controversy-during-reps-session\/\">Tinubu<\/a> inaugurated the committee to address key challenges in Nigeria\u2019s tax system.<\/p>\n<p>In 2023, Nigeria collected N12.37 trillion in revenue. Similarly, in the first quarter of 2024, Nigeria\u2019s revenue collection surged to N3.94 trillion, while targeting N19.4 trillion for the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oyedele said it was possible adding that the problem was not dearth of taxes but inability to sufficiently collect the existing taxes to fund critical projects Nigeria does not have to introduce new taxes or raise existing one to generate more revenue, Taiwo Oyedele has said. Oyedele is the chairman of Nigeria\u2019s Presidential Fiscal Policy [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":322085,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[303,67851,12856,28],"class_list":["post-329044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-nigeria","tag-oyedele","tag-tax","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Nigeria can increase 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