Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that the country’s tax reform efforts remain incomplete, with more work needed to achieve a fairer, more efficient fiscal system.

Oyedele made this known in a policy speech titled “Designing Tomorrow: Policy Blueprint and Lessons for the Future”, delivered during his 50th birthday lecture and shared via his official X (formerly Twitter) handle on Saturday.

Last month, President Bola Tinubu signed four landmark tax reform bills into law — the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act — collectively referred to as “the Acts.” These reforms were hailed as a step toward modernising Nigeria’s fragmented tax system by harmonising various laws and streamlining administration across all tiers of government.

However, Oyedele pointed out that the job is far from done, as several structural issues still need to be addressed.

“The reforms are not done. We still have unfinished business. We need to lower corporate tax rates on businesses to attract more investments and stimulate expansion. With high inflation, a high tax rate will invariably be taxing capital, not profit. We must address regulatory overreach, embrace digitalisation, and refine our tariff system to reduce the rates on raw materials and intermediate products, which are currently twice the average for sub-Saharan Africa. Addressing our tariffs and regulatory hurdles is the equivalent of granting waivers from all income and consumption taxes,” he said.

Highlighting the economic implications of a weakened currency, Oyedele also stressed the need for complementary fiscal reforms and a stable Naira.

“We also need fiscal reforms to complement a strong and stable Naira such as allowing payments of all taxes in Naira and limiting discretionary forex demands. Despite having a comparable trade balance over the past 10 years as Kenya and South Africa, the Nigerian Naira has lost six times more value than either the South African Rand or the Kenyan Shillings. This means Nigeria would have been a one trillion dollar economy today, with much less poverty, expansive middle-class, higher purchasing power, and moderate price increases (fuel, electricity, etc),” he said.

Oyedele also called for inclusive policymaking, underpinned by credible data and focused on national interest rather than sectional gains.

“Policies must be people-centric, not just statistics, and must be inclusive to incorporate various perspectives ensuring that every voice is heard, and every key stakeholder is included. Contending with the interests of groups and agencies shouldn’t feel like an economic civil war where some actors deploy even government resources to fight reforms designed to benefit all.

“Second, we must use credible data for policy. One major shortcoming of democracy is that the majority decides outcomes which do not necessarily work when it comes to making sound policies. Imagine if we conducted a survey of all Nigerian adults and asked if people should pay a tax or not. You can guess what the outcome would be. So, in policy formulation, credible data and evidence should be prioritised over popular views. The biggest test for democracy should be when people and businesses choose to live, work, and invest in our country, especially when they have the option to do so elsewhere.

“Third, we must invest in people to build capacity and visionary leadership. No nation or institution can rise higher than the people who drive it. Education, innovation, health, and creativity are not luxuries; they are the foundation and building blocks for sustained progress,” he added.

Oyedele concluded by urging Nigeria’s elite and policymakers to engage in deeper, more rigorous policy debates and avoid populist economic commentary that may do more harm than good.

“We must avoid crowd-pleasing analyses because, after the applause, the pain will remain. The government should focus on doing only what the private sector will not do and collect the least amount of tax in doing so without compromising the required minimum quality standards. The government should be intentional regarding non-inflationary spending, priority, and quality of spending,” Oyedele said.