He also stated that the government was working to ensure that personal income tax reduces for Nigerians earning below N1.5million monthly after the Economic Stabilization Bill is passed, stating, however, that “the rich people earning N1.5 million above will see their personal income tax rise by up to 25 per cent.”

Oyedele made the disclosure while commenting as a panelist at the ongoing 30th Nigeria Economic Summit #NES30 with the theme “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment.”

According to him, a survey conducted by NESG shows that “Only 17 per cent Nigerians pay taxes as well as 30 per cent of businesses and one of the reasons is because they don’t trust government. Therefore what we want to do is to have a National portal just like South Africa where tax payment is seamless and transparent because or current tax gap is about 70-75 per cent but if we correct that and everyone pays, our revenues will be 4 times.

“Another issue about is policy gaps where we grant unnecessary waivers to some people who dont even deserve it. But the main issue remains compliance issue,”