Nigeria: Oyedele Advocates Lower Corporate Taxes to Spur Investment and Inclusive Growth

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reiterated the urgent need for lower corporate tax rates as a catalyst for driving investment, creating jobs, and accelerating Nigeria’s economic development.

Speaking during a public lecture in Abuja to commemorate his 50th birthday, Oyedele underscored the importance of a restructured and equitable tax system that promotes inclusivity and economic resilience.

“We need a tax system that is simple, fair, and efficient—one that stimulates productivity and does not penalise those already struggling,” Oyedele stated.

He pointed to ongoing reform proposals aimed at reducing the tax burden on individuals and small businesses. These include a full income tax exemption for over one-third of Nigerian wage earners, higher exemption thresholds for MSMEs, and zero-rated tax on essential consumer goods.

Oyedele also called for a refined tariff system to cut import duties on raw materials and intermediate goods, thereby lowering production costs and strengthening local industries.

“Reducing input costs through smarter tariffs can make Nigerian businesses more competitive, particularly in sectors with export potential,” he said.

The fiscal reform advocate highlighted the need for credible data, inclusive policymaking, and human capital investment to drive sustainable development. He proposed targeted incentives for priority sectors and tax relief for Nigerian firms expanding globally, alongside adjustments to income tax laws that would attract remote work and digital economy opportunities for the nation’s youth.

In reinforcing the principle of limited government intervention, Oyedele said:

“Government should only do what the private sector cannot do effectively, and in doing so, collect only what is necessary without compromising quality and service delivery.”

He further urged the public to prioritise non-inflationary spending, demand transparency, and engage constructively with policy frameworks.

“The social contract between government and citizens must be built on awareness and accountability. We must question, engage, and critique—not to tear down, but to rebuild and reposition our country for shared prosperity.”

Oyedele’s remarks echo growing calls for a more growth-oriented fiscal strategy, one that balances revenue generation with economic stimulation and poverty reduction.