Oyedele warns against tax burden on poor people as G-24 seeks concessional lending support

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned against further tax burden on susceptible people and productive sectors of the financial system at a time of worldwide financial uncertainty.

Mr Oyedele famous that as a consequence of world uncertainty and inflationary stress, it’s a fallacious time for governments to impose new taxes on people.

Mr Oyedele spoke after the conferences of the Group of Twenty-Four (G24) on the sidelines of the 2026 annual conferences of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” Mr Oyedele, who can be chairman of the G-24, stated.

“The measures, like you ask, will be first for every country to look inwards, looking inward to find areas of savings, areas of revenue mobilisation, but also bearing in mind this is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he stated of measures to support the financial system.

Speaking on the steadiness between taxation and debt, he famous that placing a steadiness stays key.

“If you acquire taxes, you increase the cash now, and that itself has plenty of trade-offs. What taxes are you amassing? You acquire taxes from probably the most susceptible, and it will deprive them of cash to supply meals, well being, training.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people.”

The minister defined that debt stays mandatory for financial progress however must be used to support employment and progress.

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“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he stated.

Meanwhile, in its communique, the Intergovernmental Group of Twenty-Four (G24) known as for cheaper concessional financing to ease the burden.

Iyabo Masha, the Director of the G24 Secretariat, famous that there was a change to world debt restructuring structure, and this might assist nations safe quicker resolutions of their debt considerations.