The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has highlighted that businesses in Nigeria face one of the highest tax burdens globally.
Speaking at a grand reception in Lagos organized by the Student Pye Alumni (Class of 1990–1994), Oyedele revealed that Nigeria ranks among the top 10 countries with the highest corporate tax burdens. He stressed the urgent need for reform, particularly in a country striving to attract both local and foreign investment.
The event honored the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chijioke Alaribe, and the Group Managing Director of First Holdco Plc, Adebowale Oyedeji. According to a statement from the organizers, Student Pye Alumni includes members who are fellows of ICAN and the Chartered Institute of Bankers of Nigeria (CIBN).
Delivering a keynote address on “Understanding the Nigeria Tax Reforms,” Oyedele called for collaboration between government agencies and stakeholders on the proposed tax reform bill currently before the National Assembly. He emphasized the importance of allowing tax deductions for startup expenses incurred up to six years before a business begins operations — a move he believes would encourage entrepreneurship and support business growth.
“We impose heavy tax burdens on businesses of all sizes,” Oyedele stated. “Nigeria ranks among the top 10 highest in corporate tax globally, yet we desperately need investment. We tax poverty, capital, and investment itself. We even collect taxes in advance, regardless of whether businesses ultimately make a profit.”
He advocated for exempting small businesses from certain taxes, reducing the tax burden on larger enterprises, and harmonizing tax structures to drive economic growth and protect low-income earners. He urged all stakeholders to rally behind the bill as a foundation for transforming the Nigerian economy.
The event was attended by former school directors and the Commissioner for Finance of Abia State, Uwaoma Ukandu, who represented the Governor of Abia State, Alex Otti.
In their closing remarks, the Student Pye Alumni congratulated the honorees and encouraged them to continue demonstrating excellence and resilience. They also called on Micro, Small, and Medium Enterprises (MSMEs) across Nigeria to actively engage in ongoing tax reform discussions.
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