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Nigeria has the potential to quadruple its revenue if it can address widespread tax non-compliance, the Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele, has said.

Speaking Monday at the 30th edition of the Nigerian Economic Summit, Mr Oyedele outlined the need for urgent tax reforms, stating that the country is losing significant fiscal opportunities due to rampant tax evasion and an overly complicated tax regime.

He argued that the current tax gap stands at an alarming 70 to 75 per cent, meaning that if all eligible taxpayers met their obligations, the country’s revenues could be four times higher than they are today.

“The issue is not just policy but compliance. If we can close this gap, imagine the fiscal space we could create – we wouldn’t be facing the budget deficit that continues to fuel inflation and hamper growth,” he said.

Citing a study conducted by the Nigerian Economic Summit Group (NESG), Mr Oyedele noted that only 17 per cent of Nigerian adults pay their taxes, with the figure for businesses standing at 31 per cent.

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