Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated that the Federal Government is not seeking to increase tax rates but to expand the number of individuals and businesses meeting their tax obligations.

Speaking on Thursday in Abuja during a courtesy visit by the leadership of the Chartered Institute of Taxation of Nigeria (CITN), Oyedele said broadening the tax base remains central to the government’s strategy for boosting revenue and ensuring a fair tax system.

The visit marked the conclusion of the Institute’s maiden National Tax Awareness Day, which included a road walk, taxpayer education at Wuse Market, and a visit to the headquarters of the Nigerian Revenue Service. The event also coincided with the first anniversary of President Bola Tinubu’s signing of the Tax Reform Acts into law on June 26, 2025.

Commending the CITN for supporting the government’s tax reform agenda, Oyedele said misinformation surrounding taxation continues to discourage compliance, as many Nigerians wrongly assume that tax reforms are designed only to increase the amount they pay.

“We are still not getting enough revenue from taxes. It is not about increasing taxes, but making sure that those who are supposed to pay taxes actually do so. We want to promote fairness in tax administration,” he said.

According to the minister, a transparent and equitable tax system would strengthen government revenue and contribute significantly to Nigeria’s economic growth.

He also urged the Institute to establish annual awards to honour the country’s most tax-compliant individuals and businesses, noting that public recognition would encourage voluntary tax compliance.

Earlier, the President of the Chartered Institute of Taxation of Nigeria, Innocent Ohagwa, said the National Tax Awareness Day was introduced to educate Nigerians on the country’s tax reforms and foster a stronger culture of voluntary tax compliance.

Ohagwa observed that despite the new tax laws being in force for a year, many taxpayers and businesses are still uncertain about the reforms and how they affect their financial and business activities.

“The laws have been signed, implementation has begun, yet many taxpayers and stakeholders are still grappling with what has changed, what remains the same, and how these provisions affect their businesses and personal affairs,” he said.