Nigeria loses N20trn to tax underpayment – Tax Reform C’ttee

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, says the tax gap in Nigeria hovers around N20 trillion.

Oyedele disclosed this on Tuesday during the inauguration of the committee by President Bola Tinubu at State House in Abuja.

While reacting to questions from journalists on the country’s tax industry, Oyedele stressed that Nigeria might be losing N20 trillion to underpayment of taxes.

He said the committee would harmonize fewer numbers of taxes and curb multiple taxation.

“What that means is as of today, without introducing any new taxes, if you get everyone that needs to pay their taxes to pay, we will not be where we are. So, we think the gap is somewhere in the region of N20 trillion”.

The Federal Inland Revenue Service said the country generated N10.1 trillion from taxes in 2022.

(Daily Post)