The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele revealed that truck drivers incur over N450,000 in levies to transport food items like yams from northern Nigeria to the south.
Ayodele disclosed this at the 2024 annual corporate forum hosted by Access Bank in Lagos, according to Nairametrics.
He emphasized that the multitude of taxes, many of which are unofficial, significantly contributes to the rising prices of goods and services across the country.
Oyedele stressed the need for Nigeria to thoroughly evaluate its tax and fiscal policies to foster economic growth and development.
He highlighted that a proper diagnosis is essential for creating a more efficient and effective taxation system that supports the economy.
“We have over sixty official taxes. Unofficially, we counted more than 200 taxes. Like the Minister of Finance said, more than percent of our revenues from taxes come from less than 10 taxes. Why do we have over 200? That’s insane.
“Anything that moves has a tax. There is tax for wheelbarrow, bicycle, TV etc. If you want transport yams for the north to the south, some of the truckers we spoke to budgeted more than four fifty thousand naira, just to pay legal and illegal taxes along the way.
“It’s important that we diagnose our problems probably. Otherwise, our intentions are irrelevant. If you diagnose your problems correctly, your outcomes will be very different from your aspirations,” Oyedele said.
It was previously reported that the Presidential Committee on Fiscal Policy and Tax Reforms headed by Taiwo Oyedele is proposing a national reduction of the number of taxes collected across the country from around sixty to less than ten.
The committee believes that reforming tax and fiscal policies will help reduce bottlenecks and stimulate growth in the real economy.
Oyedele noted that there are officially 62 taxes collected across different government levels, placing a significant burden on Nigerian businesses.
He also highlighted the prevalence of various informal taxes being collected throughout the country.
