The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has stated that Nigeria’s available financial resources are inadequate to achieve meaningful national transformation for a population exceeding 200 million people.

He also noted that the tax reforms introduced by the Bola Ahmed Tinubu administration do not create any new taxes.

Oyedele made the remarks during a one-day capacity-building training on the Nigeria Tax Act (2025) for members of the State House Press Corps in Abuja.

He highlighted that savings from fuel subsidy removal alone are insufficient to deliver the level of infrastructure and public services required for substantial development.

“Even if you remove corruption and waste completely, the resources at our disposal are not enough to transform Nigeria. Subsidy savings alone cannot deliver the level of infrastructure and services required. Our fiscal space is simply too small,” Oyedele said.

He further explained that the combined annual budgets of the federal and state governments, the Federal Capital Territory, and the country’s 774 Local Government Areas, which amount to less than $50 billion, fall short of the funds needed to drive the transformation envisaged for the country.

Oyedele also criticized past policy decisions, describing the subsidy regime as having left Nigeria economically constrained.

He identified the demolition of toll gates and the reversal of the privatisation of refineries as costly missteps that have further limited available resources.

Regarding the new tax regime, Oyedele stated that it is set to take effect from January 2026 and does not constitute the introduction of fresh taxes.