Revenue from taxes now outpaces oil, powering roads and social projects.
Economic expert Mr Olugbuyiro Akinola says President Bola Tinubu’s tax reforms are transforming Nigeria’s finances. For the first time, tax revenue contributes more than oil and gas, now making up about 68% of public revenue.
Akinola noted that better taxpayer awareness and compliance, backed by Tax Appeal Tribunal rulings, have ensured companies pay dues like VAT, stamp duty, and withholding tax. Digital firms with a Nigerian presence are now also taxed, while the reforms minimize the burden on low-income earners.
The increased revenue is already funding major projects, including the Lagos–Calabar Coastal Highway, Badagry–Sokoto corridor, and Enugu–Onitsha–Owerri–Port Harcourt roads, as well as welfare and social infrastructure under the Renewed Hope agenda.
He stressed that public cooperation and tax education—even in schools—are key to sustaining Nigeria’s economic stability.
Leave a comment