Prince Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate in the 2023 general election, has described the tax policies under President Bola Tinubu’s administration as the worst in Nigeria’s history.
He made the remarks at the 2024 annual dinner and awards ceremony of the Chartered Institute of Taxation of Nigeria, held in Lagos over the weekend.
Adebayo condemned the current tax system, describing it as dysfunctional and a reflection of a broader failure in governance.
He criticized the narrative promoted by the All Progressives Congress (APC)-led government that higher revenue through increased taxation equates to development, calling it a misguided approach.
“Taxation is one of the major ways the government is funded, but in a dysfunctional governmental system, the tax system will also be dysfunctional.
Higher revenue that kills industries, discourages initiative, and impoverishes the people is not taxation—it is exploitation,” Adebayo said.
He likened taxpayers to blood donors, stressing that excessive taxation drains resources from citizens and businesses, leaving little room for growth and development.
Adebayo urged the government to moderate tax policies to ensure that disposable income remains available for investment in national development.
He advocated for a tax system that fosters economic growth, distributes wealth equitably, and provides social services.
“Taxation must go beyond revenue generation; it should be a tool for stimulating economic activity, redistributing wealth, and managing public expenses,” he said.
A good tax system, Adebayo argued, encourages citizens to contribute to society while ensuring fairness and transparency in the management of resources.
Using an analogy, Adebayo criticized the lack of visible impact of the government’s use of tax revenues.
“You cannot make an omelette without breaking eggs, but when people don’t see the omelette, they begin to wonder where the eggs went. That’s the question the government must answer,” he concluded.
