…Says new tax regime not to increase revenue but to reposition Nigeria’s fiscal system
The Minister of Finance and the Coordinating Minister of the Economy, Mr Taiwo Oyedele, has said the Federal Government’s $1 trillion economy target can only be achieved through collaborative efforts by all sectors of the economy.
He stated this at the 2026 annual conference of the Finance and Business Online Publishers (FiBOP) themed, “Unlocking Nigeria’s Economic Potential: Taxation, Industry, Insurance, Fintech, Trade and Investment as Catalysts for Nigeria’s $1 Trillion Vision,” held at the weekend in Lagos.
According to him, sustained collaboration between the public and private sectors, including the media, is critical to achieving the $1 trillion economic vision of the President Bola Tinubu-led administration.
Oyedele, who was represented by the Special Adviser on Revenue to the Minister of Finance and Coordinating Minister of the Economy, Dr Olufemi Olarinde, contended that no single sector can achieve the vision alone.
He noted that the goal of the policy is not just to roll out figures but to ensure that growth benefits the citizenry and creates job opportunities.
“Economic growth must be translated into improvement of the lives of the citizenry, create job opportunities and build a robust economy where both big and small companies will survive,” he said.
On the new tax policy, Oyedele explained that it was not introduced to increase revenue but to reposition Nigeria’s fiscal system and promote economic growth, fairness and shared prosperity.
He said the new tax regime is centred on three pillars: improved revenue mobilisation, improved quality of government spending and sustainable, measurable debt management.
“Government must explain its policies to the people transparently and the media, on its part, must continually scrutinise government policies,” he said.
He added that the $1 trillion economic vision requires sustained efforts by financial institutions, investors and the citizenry.
He called on the media to support the Federal Government in achieving the vision and urged practitioners to always verify their stories, noting that the Ministry of Finance has made it a priority to keep its website up to date.
“The National Bureau of Statistics (NBS) should be where we source our information from. We must ensure that the narrative coming out of Nigeria is the real narrative,” he said.
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