Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has described Nigeria as a poor country with the potential to be wealthy.

Speaking on Channels Television’s Politics Today, Oyedele said in comparison with some countries and cities, the Federal Government’s budget and that of states are small.

“By the way, the entire budget, that’s the Federal Government’s of about N29 trillion plus all the states in Nigeria about N15 trillion – if you add it all, it comes to about N44 trillion. That’s around $30 billion,” he said

“That $30 billion is even less than the budget of Kenya which is around $32 billion. It is barely a quarter of South Africa’s budget at $130 billion. And of course, it’s even less than the budget of New York City, not even just New York State. So, clearly, Nigeria is a poor country with the potential to be a wealthy country.”

The Federal Government has faced criticisms over what some described as over-taxation. Kenya’s recent protests over tax laws introduced into the country have further reignited conversations among several Nigerians.

But Oyedele has ruled out the introduction of more tax, saying that cannot solve Nigeria’s revenue challenge.

“So, we do believe based on the analysis we have done and the data available to us that the right way to go is not to introduce more taxes. And in fact, if you’re gonna raise the rates of any tax, it has to be something that we’re doing as a result of the consolidation and harmonisation,” he said.

“We do think that having fewer taxes are broad-based, easy to collect, and do not place a burden on the bottom of the ladder of society is the way to go. And by using data, intelligence, and technology, we can close the tax gap so that people who have not been paying before begin to pay – who have been identified as people who should be paying – and the poor people should be legitimately exempted, particularly nano, micro businesses and low-income earners.

“And then we think that with all those, we can easily more than double our revenue within a period of two to three years.”

Xxxxtentacion2:
Poor country with wealthy thieves...

dalongjnr:
Very funny sets of criminal-some entities.
Nigeria with an average crude oil production of 1,300,000 barrels per day,and at a price of about $89 per barrel, by 364 days a year,is making nothing less than $42 billion per year(excluding royalties).
FIRS is now saying that non oil revenue is now more than 50% of what's shared at FAAC.
Going by those data,Nigeria makes nothing less than $100 billion per year even with the level of corruption in the oil and revenue sector,mostly as a result of under disclosure and under remittances by the collection agencies.
These people just amazed me with their caricature submission.
They just want to increase tax again even with the biting economic hardship.
They are taking the masses for granted, what's happening in Kenya is a child's play the day the masses will wakeup.

mrvitalis:

Bros thats not how oil revenue is calculated

Firstly you remove the cost of production which is around 27 dollars

Then federal government only gets 55% of the remaining revenue

So yes from a 75 dollars we make less than 30 dollars

dalongjnr:

I know of the cost of production and a also know of the under declaration by the production companies.
Put two on two,and we will still end up with the figure I quoted.
The question now, should be, what happened to the non oil revenue which constitute almost 50% of the revenue shared at FAAC,despite the under declaration by the collection agencies and also corruption been displayed?

Killerofpigs:
Poor Country..??

Why do appointees of APC always look for similar failures to justify their shamelessness?
Why can't you envision and work towards being like great economies?

Why compare yourself with a NON oil producing Country like Kenya. ? Why not compare yourself with fellow OPEc members like UAE?

After all the sponsored protest and NADECO scam. The whole world has seen the pathetic way South West Region is administered.

TINUBU represents the best of SW and he is worthless.

Very shameless and pathetic.

mrvitalis:

Nah do the maths yourself
Nigeria makes just over 16 billion dollars from crude not 42

dalongjnr:
Very funny sets of criminal-some entities.
Nigeria with an average crude oil production of 1,300,000 barrels per day,and at a price of about $89 per barrel, by 364 days a year,is making nothing less than $42 billion per year(excluding royalties).
FIRS is now saying that non oil revenue is now more than 50% of what's shared at FAAC.
Going by those data,Nigeria makes nothing less than $100 billion per year even with the level of corruption in the oil and revenue sector,mostly as a result of under disclosure and under remittances by the collection agencies.
These people just amazed me with their caricature submission.
They just want to increase tax again even with the biting economic hardship.
They are taking the masses for granted, what's happening in Kenya is a child's play the day the masses will wakeup.

Buccalcavity2:

Ok. Compare Nigeria budget to UAE and let's see. Her revenue to GDP ratio.
....Just open mouth
Nigeria government is poor as compared to its capacity.

Ojuntana:

How's this possible? Come on now

Killerofpigs:
You are shallow..

Will UAE expend humongous amounts on foolish ventures?

GTFOH...

That is how your brains are wrapped in nylon bags..

Nonsense

mrvitalis:


You assumed crude oil was 89 dollars fine
89-27 = 62 dollars per barrel profit

Nigerians owns 55% or that profit... So Nigeria entitled profit = 0.55x62 =34.1 dollars

Nigerian produce 1.3 million barrels per day

So Nigerians earning yearly should be

1,300,000 x365x34. 1 =16.18 billion dollars

We also get to tax the oil companies profit... Say that brings 2 billion dollars

Yearly oil revenue is 18 billion dollars max

This is why I always say oil industry is nothing