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Nigeria’s Tax Reforms Designed to Drive Global competitiveness and Economic Growth — Oyedele
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The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, on Tuesday declared that the Federal Government’s ongoing tax reforms are aimed at building “a tax system that is globally relevant, economically competitive, socially equitable, and fiscally sustainable.”
Oyedele stated this in Abuja while delivering the Lead Plenary Address at the 28th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), themed “Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for a Sustainable Future.”
Addressing tax professionals, policymakers and stakeholders at the conference, the Minister described the conversation around tax reforms as one that goes beyond technical discussions, stressing that it is “strategic to Nigeria’s future.”
He commended CITN for sustaining professionalism and shaping fiscal policy discourse over the years, while noting that countries across the world are now under increasing pressure to modernise their tax systems due to digital economies, changing supply chains and growing demand for accountability and transparency.
“In this environment, tax systems can no longer remain static,” Oyedele stated, warning that countries that fail to modernise their fiscal frameworks risk losing competitiveness, discouraging investment and weakening economic resilience.
The Minister emphasized that Nigeria’s reforms became imperative because of the longstanding structural weaknesses within the nation’s tax administration system, stressing that multiple taxation, fragmented administration, weak compliance, informality and rising compliance costs for businesses gave rise to the reforms.
“This model became untenable and the system was simply unsustainable,” he said, adding that the reforms are “not about taxation for its own sake” but about building “a stronger fiscal foundation for long term national development.”
According to him, the reforms are guided by the principle that a good tax system should raise revenue efficiently, support economic growth, protect the vulnerable, and strengthen trust between government and citizens.
He explained that the new framework is designed to simplify taxation, improve fairness, encourage investment and voluntary compliance, while moving Nigeria “from a framework driven by discretion and fragmentation to one anchored on clarity, certainty, and harmonisation.”
Oyedele averred that minimum wage earners have been exempted from personal income tax under the reforms, while many low and middle income earners now face reduced tax burdens in order to strengthen inclusion and reduce inequality.
He further stated that government is creating a more competitive corporate tax environment to attract investment, stimulate enterprise growth and support job creation.
“Our objective is clear. Grow the economy and revenue will follow. Support enterprise, encourage expansion and decent jobs will be created,” he maintained.
Speaking on tax administration, the Minister said government is modernising the VAT system through expanded input VAT credits, clearer exemptions and zero rating for essential goods and services, while also working with subnational governments to harmonise taxes and reduce the burden of multiple taxation on businesses.
“A fragmented tax system cannot facilitate a globally competitive economy,” the Minister noted whilst commended the 15 states that have already enacted tax harmonisation laws.
He also reaffirmed government’s commitment to taxpayer protection and transparency through the establishment of the Office of the Tax Ombud and improved dispute resolution mechanisms aimed at strengthening accountability and public trust.
Speaking on sustainability, Oyedele stressed that Nigeria cannot continue to finance development primarily through borrowing, insisting that the country must build a fiscal system capable of sustainably supporting infrastructure, education, healthcare, security and social protection.
The Minister added that technology would remain central to the reform process, with government prioritising automation, data integration and digital compliance systems through initiatives such as VAT fiscalisation, the National Single Window and Rev360.
“The goal is simple. Reduce human discretion, increase efficiency, improve transparency, and make compliance easier and cheaper,” he said.
Oyedele stressed that Nigeria possesses the talent, market scale and entrepreneurial energy required to build one of the strongest fiscal systems globally.
“A globally relevant tax system is not one that merely collects revenue. It is one that supports competitiveness, encourages enterprise, protects citizens, attracts investment, and strengthens national development. That is the future we are building,” he stated.
Abuja Electricity Distribution Plc (AEDC) has promoted 547 employees and approved salary step increments for 579 others as part of a broad workforce development programme designed to reward outstanding performance, strengthen staff motivation and drive organisational excellence.
The exercise, which benefitted 1,126 employees, followed the successful completion of the company’s 2025 Performance Appraisal Exercise and underscores AEDC’s commitment to building a high-performing, customer-focused workforce.
Managing Director and Chief Executive Officer of AEDC, Chijioke Okwuokenye, said the initiative reflects the company’s resolve to place employees at the heart of its transformation agenda, stressing that investment in human capital remains critical to achieving sustainable growth.
He described the promotions and salary adjustments as a recognition of diligence, professionalism and commitment, noting that the company would continue to reward excellence while creating opportunities for career advancement.
According to him, AEDC is intentionally fostering a work environment where merit, innovation, continuous learning and teamwork determine career progression, adding that employee welfare remains a key pillar of the company’s long-term strategy.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. This is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth,” Okwuokenye said.
He explained that the organisation is committed to providing employees with fulfilling career opportunities that enable them to maximise their potential while contributing to AEDC’s ambition of becoming one of Africa’s leading electricity distribution companies.
The AEDC chief also urged employees who were not promoted in the current appraisal cycle to remain committed, assuring them that the company’s performance management system is structured to support continuous improvement, skills development and future career progression.
AEDC said the promotion and salary increment exercise forms part of its broader strategy to cultivate a performance-driven culture, encourage professionalism and recognise employees who contribute significantly to the company’s growth.
The company added that as it continues to modernise operations, improve electricity service delivery and enhance customer experience, it will sustain investments in staff development to strengthen productivity and reinforce its position as one of Nigeria’s preferred employers in the power sector.
Some hoodlums suspected to be political thugs on Sunday stormed a permanent voter’s card (PVC) distribution centre in Okuku, the headquarters of the Odo-Otin Local Government Area of the state, and carted away two packs of PVCs.
The INEC officials were busy distributing the cards at the Oyinlola DC Primary School, Ward 2, when the thugs suddenly arrived and started shooting sporadically into the air, scaring residents and officials, and took two packs of cards and left the venue before police could arrive at the scene.
The spokesperson of the Osun State Command, Abiodun Ojelabi, said that about ten armed hoodlums invaded the centre, fired sporadically into the air and carted away three packs of PVCs before fleeing the scene.
Ojelabi disclosed that the State Commissioner of Police, Ibrahim Gotan, has condemned the attack and directed a comprehensive investigation to identify and prosecute those responsible.
Reacting to the development, the Resident Electoral Commissioner (REC) of INEC in the state, Oluwatoyin Babalola, condemned the attack. She said she was to get the detailed report on the attack, adding that she is yet to know the exact number of PVCs carted away by the hoodlums.
The REC, however, assured the people of the state that the governorship election would be free, fair, credible, inclusive and transparent.
The ruling All Progressives Congress (APC) has uploaded the details of 27 governorship candidates and their running mates to the Independent National Electoral Commission (INEC) Candidate Nomination Portal (ICNP) ahead of the August 8 deadline.
The party has also uploaded the particulars of more than 60 per cent of its candidates contesting seats in the various State Houses of Assembly.
Findings indicated that the APC’s ICT department has completed the upload for candidates in 27 of the 28 states conducting governorship elections, with disagreement over the deputy governorship slot in one North-West state delaying the final submission.
A source on the APC National Working Committee (NWC) Vetting Committee, chaired by Hon. Jibrin Bancir, disclosed that 15 of the 16 incumbent governors seeking re-election had been cleared and uploaded to the portal.
Also uploaded were the details of 12 first-time governorship candidates and their running mates, including Obafemi Hamzat (Lagos), Solomon Adeola (Ogun), Ogundu Kingsley Chinda (Rivers), Eric Opah (Abia), Mohammed Abubakar (Bauchi), Mustapha Gubio (Borno), Jamilu Gwamna (Gombe), Ahmed Aliyu Wadada (Nasarawa) and Baba Malam Wali (Yobe).
Speaking on condition of anonymity, a member of the vetting committee said the party had made substantial progress in meeting the electoral commission’s deadline.
“We have made giant strides in our efforts to upload the details of all our governorship candidates and their deputies. In fact, but for one state, we would have completed and closed the process for governorship candidates,” the source said.
The source attributed the delay to the unresolved choice of a deputy governorship candidate in a North-West state.
“The delay is caused by the deputy governorship candidate. We have been told that the issue will be resolved at a crucial stakeholders’ meeting scheduled for Monday here in Abuja,” the official added.
On the nomination of state assembly candidates, the source said the party had overcome initial technical challenges on INEC’s portal and had successfully uploaded the particulars of more than 60 per cent of its candidates.
“Despite the initial delay due to technical issues from the electoral umpire, our ICT personnel kept scanning and filling the details of our State Houses of Assembly candidates,” the source stated. “It was easy for us to upload immediately INEC opened the portal for sub-national lawmakers.
“Recall that our party completed the uploading of our Presidential and National Assembly candidates within record time. We are fully set to ensure that details of all 28 governorship candidates, their deputies, and the 990 state legislative nominees are uploaded well before the August 8 deadline.”
Under Section 29(1) of the Electoral Act 2026, political parties must strictly comply with statutory timelines to submit candidate lists along with affidavits and personal declarations (Forms EC9 and EC9A through EC9E).
The digital portal—which opened at 9:00 a.m. on July 18—will automatically lock at 6:00 p.m. on August 8, leaving no room for manual submissions or post-deadline extensions.
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