Nigeria is Not Broke but Grappling with Revenue Leakages - Committee on Fiscal Policy

Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, emphasized that Nigeria is not financially insolvent but is grappling with revenue leakages.

This statement was made during the 1st National Revenue Assurance Summit in Abuja, organized by the Nigerian Financial Intelligence Unit (NFIU).

The summit aimed to address the challenges of revenue collection and management across federal, state, and local government levels.

Mr. Oyedele highlighted that the primary issue facing Nigeria is not a lack of funds but inefficiencies in revenue collection and utilization. He stated, “I would not say Nigeria is broke, I will say we have revenue leakages.” This distinction is crucial as it shifts the focus from generating new taxes to optimizing existing revenue streams.

The committee is exploring ways to harmonize government assets, enterprises, and natural resources beyond oil and gas to solid minerals, aiming for an increase in revenue without imposing additional burdens on the poorest citizens.