Tax Reform a Collective Responsibility, Says Presidential Committee Chairman, Oyedele
Mary Nnah
Tax reform is a collective responsibility that requires commitment and cooperation from all stakeholders, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said.
Oyedele made this assertion at the weekend during the 2025 Annual Corporate Governance Conference organised by the Society for Corporate Governance Nigeria (SCGN) at the Oriental Hotel, Victoria Island, Lagos.
The conference, themed “Strengthening Ethical Governance in a Disrupted World: Reflection of Governance Journey for A Sustainable Future,” brought together industry experts and thought leaders to discuss the latest trends and best practices in corporate governance.
“What is the reality of the conflict that is now occurring across the public and private sector? Yeah, I think the reality is that without governance, without good governance, there can be no sustainability,” Oyedele stated.
He added that the new tax reform laws taking effect from January next year aim to raise national awareness and education on tax matters.
“We must be not just willing; we must be committed to doing the right thing even when it’s not convenient. And that’s how nations are built,” Oyedele emphasised.
Oyedele also highlighted the importance of addressing the low level of tax awareness and education in Nigeria, particularly among young people and the elite.
“The level of tax awareness and education is quite low. Even among educated people, young people, the elite. And that’s a fundamental issue we must address,” he noted.
Regarding the capital gains tax reform, Oyedele clarified the reform is progressive and exempts 99% of investors in the capital market from paying capital gains tax.
“We’ve rationalised the incentive system and created a level playing field so that your ability to succeed in Nigeria is not based on the connections that you have, but it’s based on productivity and doing the right thing,” he explained.
Oyedele also emphasised that investors don’t make decisions to invest based on tax rates alone, but on risk-adjusted returns.
“If you take these reforms holistically all together, you’ll find that returns for investors have been enhanced, not the other way around,” he added.
Ms. Rabi Isma, Director of the Society for Corporate Governance Nigeria (SCGN), echoed Oyedele’s sentiments, emphasising the critical role of ethics in governance.
“Ethics are always at the foundation of good governance and good institutions that will sustain into the future,” Isma stated.
Isma also led to the importance of creating a culture of accountability and transparency in governance.
“What are we expecting to see? Are we expecting to see new inventions, changes? So, it’s a celebration, it’s a time of hope and also looking towards the future, how the world is changing, how institutions need to adapt and how ethical governance is at the bedrock of everything, no matter what changes may come,” she added.
