Oyedele Urges End to Debt Reliance, Calls for Sustainable Tax Reforms

Finance Minister Taiwo Oyedele told delegates at the Chartered Institute of Taxation’s annual conference in Abuja that Nigeria can no longer rely on borrowing to fund development. He emphasised the need for a fiscal system that sustainably supports infrastructure, education, healthcare, security and social protection. Oyedele outlined ongoing tax reforms aimed at broadening the revenue base, simplifying the code, reducing multiple levies and cutting compliance costs. He said the measures include exempting minimum wage earners from personal income tax, lowering rates for middle earners and modernising VAT rules to boost investment and curb inflation. Vice-President Kashim Shettima backed the changes, describing them as pro-people and pro-business policies critical for lifting Nigerians out of poverty. He called for stronger public awareness and trust in the reforms, which he described as an act of patriotism. Industry leaders at the conference hailed the overhaul as the most significant fiscal restructuring in decades. They argued it will help Nigeria transition from borrowing to investment and strengthen accountability across all levels of government.

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