Nigeria ought to be running govt on tax funds, not oil revenue — Oshiomhole

The Senator representing Edo North Senatorial District, Adams Oshiomhole, has expressed strong support for President Bola Tinubu’s tax reform bills.

The former Governor of Edo State made this known during an interview with Seun Okinbaloye on Channels Television on Wednesday.

According to Oshiomhole, the government ought to be funded primarily through taxes rather than relying on oil revenue.

He described the tax reform bills as a bold step by President Tinubu towards sustainable governance and an end to outdated fiscal practices.

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He explained that the proposed reforms aim to ease the tax burden on individuals earning up to N50 million annually and small businesses, fostering a more supportive environment for entrepreneurs.

Oshiomhole also pointed out that tax compliance in Nigeria has significantly declined, stating that only a small portion of the population pays taxes.

He said, “These tax reforms in my views represent a bold attempt from the president to say we can’t continue with business as usual.

“Let’s look at these taxes again because ideally, we ought to be living and run the government on the basis of taxes, not cheap money from oil.

“When I was growing up, you don’t talk in the village square when elders are holding meeting if you have not pay your taxes. But then the military came one day and said they have buried those kinds of taxation. Today, those who are paying taxes are very few.

“What people didn’t take note of is that this tax bill seeks to reduce the burden on those who are earning up to N50 million in a year or month. It seeks to reduce some barriers, some tax burden on small scale businesses so that the environment can be more business friendly.”

The lawmaker dismissed concerns that recent policies, including the removal of fuel subsidies and the tax reforms, could harm Tinubu’s chances of re-election in 2027. Instead, he expressed confidence that the president’s policies would address critical economic challenges and deliver visible benefits to the people of Nigeria.