New Tax Acts Aim To Build Trust, Not Just Raise Revenue — Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has said the newly introduced Tax Acts are designed not only to increase government revenue but also to build public trust in the tax system.

Oyedele stated this virtually on Tuesday at the opening of the 2026 Annual Conference of the Chartered Institute of Taxation of Nigeria held in Abuja.

He explained that although government seeks to improve revenue generation, such a goal can only be achieved when citizens trust the system and understand the benefits of paying taxes for national development.

According to him, the current tax reforms have simplified tax payment processes, reduced the number of taxes and exempted low-income earners from paying Personal Income Tax.

Oyedele also urged tax professionals to support the reforms by properly interpreting the new tax laws to clients and the general public while serving as advisers to government.

Also speaking at the conference, the Special Adviser to the President on Economic Matters in the Office of the Vice President, Dr Tope Fashua, stressed the need for fiscal policies to evolve in response to global economic realities.

He acknowledged that challenges such as multiple taxation and illegal levies still exist but noted that efforts were ongoing to eliminate such practices.

Fashua said, “The process has started to outlaw some of those collections. We also depend on Nigerians because those collecting this unnecessary money are also Nigerians.”

In his remarks, the President of the Chartered Institute of Taxation of Nigeria, Mr Innocent Ohagwa, said the conference theme focused on building a tax system that is globally relevant, economically competitive, socially equitable and fiscally sustainable.