An economic expert and Commissioner of the Tax Appeal Tribunal, Olugbuyiro Akinola, has commended the tax reforms introduced by President Bola Ahmed Tinubu’s administration, noting that the measures are already boosting government revenue and providing funds for key infrastructure and social welfare programmes.
Akinola, a seasoned legal practitioner with over 20 years of experience in commercial, banking, and oil and gas transactions, made this known during an interview with journalists in Akure, the Ondo State capital.
He observed that the reforms have led to a notable rise in revenue generation, with tax income now accounting for a larger portion of government earnings than oil and gas—a milestone in Nigeria’s fiscal history.
According to him, improved transparency and accountability in the utilisation of tax proceeds have increased public confidence, as citizens can now see the direct impact of their contributions on national development.
Akinola explained that the surge in tax revenue is enabling the Federal Government to finance major infrastructure projects under the Renewed Hope development agenda. He highlighted ongoing projects such as the Lagos–Calabar Coastal Highway and other major road networks, including the Badagry–Sokoto corridor, Enugu–Onitsha–Owerri–Port Harcourt route, and roads linking Ore, Ondo, Akure, Itaogbolu, Iju, and Ikere.
“The taxpayer now better understands the tax system, and this has significantly improved revenue generation. For the first time in Nigeria’s history, tax revenue contributes about 68 per cent of public revenue,” he stated.
He attributed the increased compliance to decisive rulings by the Tax Appeal Tribunal, which have compelled defaulting companies to meet their tax obligations, including payments of stamp duty, value-added tax, and withholding tax.
“These rulings have led to the recovery of substantial sums from companies that previously evaded taxes. As a result, compliance has improved significantly,” he added.
Akinola, who is also an aspirant for the Akure North/Akure South Federal Constituency seat in the House of Representatives on the platform of the All Progressives Congress (APC), stressed that sustained reforms and public cooperation are critical to ensuring long-term economic stability.
He noted that the increased revenue is being channelled into both infrastructure development and social welfare initiatives aimed at improving the living standards of Nigerians.
“When government revenue improves, it creates opportunities to invest in critical sectors such as education, healthcare, security, and energy. This is the real impact of the Tax Appeal Tribunal,” he said.
On the taxation of emerging sectors, Akinola explained that recent reforms have expanded the scope of tax laws to cover the digital economy, including multinational companies operating within Nigeria’s digital space.
He said the new measures ensure that companies with a significant digital presence, such as global tech firms, are taxed on transactions carried out within the country.
Akinola further noted that the reforms are structured to ease the burden on low-income earners while placing greater responsibility on wealthy individuals and large corporations.
“For the first time, we are witnessing a comprehensive reform that reduces the tax burden on the poor to the barest minimum, while ensuring that those with greater financial capacity contribute more to national development,” he explained.
He also emphasised the importance of tax education in strengthening public trust and compliance, proposing the creation of a national institute dedicated to educating citizens on tax responsibilities and benefits.
According to him, integrating tax education into school curricula would help build a culture of compliance from an early age.
“When citizens understand the importance of taxation and comply willingly, government will have sufficient resources to invest in security, education, healthcare, and other essential services,” he said.
Akinola expressed optimism that the ongoing reforms under President Tinubu’s administration will further strengthen Nigeria’s fiscal system, accelerate infrastructure development, and enhance national security.
Post a Comment