By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has urged wealthy Nigerians to meet their tax obligations, warning that inadequate government revenue could worsen inflation, borrowing costs and pressure on the Naira.
Mr Oyedele made the call on Monday at the 32nd Nigerian Economic Summit in Abuja, where he presented the draft Nigeria Economic Policy Framework for public consultation.
He stressed the need to improve government revenue to support economic stability, arguing that insufficient revenue could intensify fiscal pressures and undermine efforts to stabilise the economy.
The minister also defended the removal of petrol subsidies, saying the artificial suppression of prices had distorted the economy and created costs that became increasingly difficult to manage.
“Let’s not suppress prices. Let’s focus on raising income,” he said.
Mr Oyedele argued that government policies should prioritise raising household incomes rather than keeping prices below sustainable market levels.
He said the proposed economic policy framework was designed to establish enduring principles for taxation, subsidies, trade and industrial development, irrespective of changes in political leadership.
According to him, inconsistent economic policies had discouraged investment and undermined previous reforms, making it necessary to establish a lasting framework to guide economic decision-making.
“Policy uncertainty is an invisible tax on enterprise. And unlike most taxes, it generates no revenue for government; it only destroys value and discourages investment,” he said.
The draft framework proposes common principles to guide economic decisions across government, alongside policy impact assessments for major interventions and an annual National Economic Scorecard to measure whether economic growth is improving living conditions.
Mr Oyedele said public consultation on the framework would continue until November 27, after which it is expected to proceed to the Federal Executive Council for approval and the National Economic Council for endorsement.
The Minister also said the government was targeting inflation in the low single digits before the end of 2027, with the aim of creating conditions for single-digit interest rates.
