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During the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, the committee’s chairman, made a significant disclosure. Oyedele revealed that the tax gap in Nigeria is estimated to be around N20 trillion.
The announcement was made on Tuesday during the committee’s inauguration by President Bola Tinubu at the State House in Abuja. Responding to queries from journalists regarding the state of the country’s tax industry, Oyedele underscored the gravity of the situation, indicating that Nigeria could potentially be losing N20 trillion due to tax underpayment.
Oyedele further elaborated that the committee’s main focus will involve streamlining the variety of taxes and addressing the issue of multiple taxation. He emphasized, “Without introducing any new taxes if everyone obligated to pay taxes does so, we would not be in our current situation. Thus, we estimate that the tax gap is approximately N20 trillion.”
In contrast, the Federal Inland Revenue Service reported that the country generated N10.1 trillion from taxes in 2022.
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