Posted by Chinenye on Tue 13th Oct, 2026 - tori.ng
Finance Minister Taiwo Oyedele has warned that increasing taxes could put more pressure on people already struggling to survive.
(Finance Minister Taiwo Oyedele. Photo by The Sun nigeria)
Finance Minister Taiwo Oyedele says now is the wrong time for governments to add new taxes or raise existing ones, especially on poor people and productive sectors.
He spoke in Bangkok at the 2026 IMF and World Bank annual meetings, where he presented a communiqué for the G24 group, which he chairs.
He said governments should first look for waste, find savings and collect revenue better before squeezing citizens and businesses.
Borrowing is still needed for growth, he added, but it should create jobs and include more people.
Oyedele said public money should go first to health and education, while private capital can fund other investments.
He warned that taxes hit the most vulnerable hardest.
Money taken from them is money they cannot use for food, healthcare or school fees.
Debt, he said, is future taxes, so governments must find a balance that serves the people.