A new report by Oxfam International and the Civil Society Legislative Advocacy Centre (CISLAC) reveals that 99% of Nigeria’s wealthiest individuals evade taxes, contributing to the country’s growing inequality. The report suggests that implementing a progressive wealth tax could generate over $7.5 billion annually, enough to significantly boost the government’s health budget.
Oxfam’s Country Director, John Makina, emphasized the urgent need for tax reform, stating that millions are trapped in poverty while a small elite accumulates wealth without paying their fair share. The report highlights that only 40 of the wealthiest Nigerians are compliant taxpayers, reflecting a compliance rate of just 0.035%.
With over 133 million Nigerians facing hunger and many lacking basic services, the findings call for immediate action to reform the tax system and ensure the wealthy contribute fairly. The report urges the government to prioritize social spending and develop a comprehensive wealth registry to enhance tax enforcement.
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