Tax Reforms: 100 million individuals register for tax purposes - Oyedele
…Informal Businesses Rush to Register at CAC The Federal Government has reported early gains from its new tax reforms, with a sharp rise in business registrations and a significant increase
...Informal Businesses Rush to Register at CAC
The Federal Government has reported early gains from its new tax reforms, with a sharp rise in business registrations and a significant increase in the number of Nigerians captured in the tax system.
The Minister of State for Finance, Taiwo Oyedele, disclosed this in a message shared on his WhatsApp platform on Sunday, stating that the reforms are already changing how individuals and businesses interact with the tax system.
According to him, thousands of informal businesses are now approaching the Corporate Affairs Commission daily for formal registration, a development he said points to growing confidence in the new tax framework.
He added that the number of individuals registered for tax purposes across the country has risen sharply from fewer than 10 million before the reforms to over 100 million. “These impressive results stem from the robust design and progressive nature of the new laws,” Oyedele said.
He explained that the reforms introduced several measures aimed at easing the burden on low-income earners and small businesses. These include exemptions for small companies from paying certain taxes, higher income thresholds before individuals are required to pay tax, and the removal of taxes on basic needs such as food, education, healthcare, transportation and rent.
The minister also pointed to the creation of a Tax Ombud, which is designed to protect taxpayers and ensure fairness in the system.
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Oyedele compared the new tax structure with the previous one, describing the old system as less favourable to ordinary Nigerians.
At the same time, he admitted that the reforms are not without challenges and may require adjustments over time.
“No law is perfect. Therefore, ongoing stakeholder engagement is essential to identify and address any errors or gaps for appropriate legislative updates through Finance Bills as part of a continuous improvement process,” he said.
The minister also addressed what he described as misleading reports in some sections of the media, which claimed he had admitted errors in the new tax laws.
He said such reports misrepresented his comments and created confusion among the public.
According to him, the claims that he called for Nigerians to wait for the outcome of a legislative probe are false, noting that the process had already been concluded and the final versions of the laws published in the official gazette.
He urged Nigerians to rely on official sources and credible media organisations for accurate information on government policies.
“This twisted narrative is unhelpful as it risks distorting public understanding and misleading the very people the reforms were designed to benefit,” Oyedele said.
