Federal Government Denies Plans For Tax Increase

Federal Government Denies Plans For Tax Increase

The Federal Government has explicitly stated that there are no intentions to raise taxes or impose additional financial burdens on the taxpayers of the nation.

Chairperson of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, addressed the issue in response to unverified reports regarding a potential tax hike on August 15.

Oyedele emphasized that the government’s aim is to streamline the excessive number of official taxes, which currently exceeds 60, into a more manageable single-digit figure. He asserted,

“We are confident that achieving this is feasible with the collective effort of all stakeholders. Our focus remains on bridging the tax gap to enhance revenue generation, rather than resorting to tax increments.”

He also revealed that the committee is scheduled for its inaugural meeting and workshop next week Tuesday, during which further information will be shared with the public.