Finance Minister: This Is the Wrong Time to Impose New Taxes
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that this is the wrong time for governments to impose new taxes or increase the tax burden on vulnerable people and productive sectors of the economy. Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) […]
Minister of Finance Taiwo Oyedele has cautioned against imposing new taxes or increasing the tax burden during the wrong time. During the 2026 IMF and World Bank annual meetings in Bangkok, Oyedele addressed the Intergovernmental Group of Twenty-Four (G24) communiqué. He emphasized the need to balance revenue mobilization with the protection of vulnerable populations and productive sectors.
Oyedele suggested that governments should first seek savings and improve revenue collection without burdening citizens and businesses. He also stressed the importance of borrowing cautiously to support job creation and inclusive growth, while directing public financing towards essential services like healthcare and education. Oyedele reiterated that neither taxation nor borrowing should be viewed in isolation, but rather should be balanced to cater for the needs of the people.
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