Taiwo Oyedele, Chairman of Nigeria’s Presidential Committee on Fiscal Policy and Tax Reforms, has issued a final call to action for the nation’s taxpayers, warning that the March 31 deadline for filing annual returns is fast approaching.
Speaking at a high-level webinar for Chief Financial Officers and HR managers, Oyedele highlighted a “crisis of non-compliance,” noting that even in Nigeria’s most economically advanced states, fewer than 5% of individuals currently file their self-assessment returns.
The push for compliance comes as the President Bola Tinubu administration seeks to aggressively expand the nation’s tax-to-GDP ratio, moving away from a historical reliance on oil revenue toward a more sustainable, tax-driven fiscal framework.
“In terms of filing returns, you need to file annual returns as employers for your employees. Many of you must have done that already. If you haven’t, you have just a couple of days left to file those returns, including projections of how much you will pay your staff,” he said.
He added that individual taxpayers must also file their self-assessment, noting that compliance in this area remains very low.
“This is one area where we have been non-compliant in Nigeria. In many states, more than 90%—even the most sophisticated states—cannot boast of 5% filing returns,” Oyedele said.
The Compliance Gap: Most “Sophisticated” States Lagging
Oyedele’s remarks exposed a massive disconnect between the number of active economic participants and those formally declaring their income:
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The 5% Threshold: Despite being the commercial heartbeat of the country, “sophisticated” states are seeing compliance levels of less than 5%. In many other regions, non-compliance exceeds 90%.
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Individual vs. Corporate: While corporate employers are generally more diligent, Oyedele noted that individual self-assessment—where citizens calculate and declare their own tax liabilities—remains the weakest link in the Nigerian tax chain.
Deadlines and Directives for 2026
The committee, in collaboration with the Joint Revenue Board, is tightening the screws on both payroll managers and individual citizens:
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Employer Mandate: Companies are required to file returns for their employees, including projections of total staff compensation for the 2026 fiscal year.
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The March 31 Cliff: Individual taxpayers have until the end of next month to submit their self-assessments. “You have just a couple of days left,” Oyedele warned those who have yet to begin the process.
The tax reforms, he explained, clarify that employees cannot assume that their obligations end once employers deduct taxes from their salaries.
“Many people assume that if they are an employee and the employer has deducted pay, they don’t have to do anything. That is wrong. Both under the old and new tax laws, you must still file your returns.”
Oyedele assured Nigerians that authorities are working to make filing easier.
“I’m sure the tax authorities, joint revenue boards, and various state internal revenue services are working on how to make this process simpler and easier. All of us must file our returns, including those earning low income. You must file returns by 31st March of the year in respect of the previous fiscal year.”
He added that businesses enjoying tax incentives are now required to disclose them in their returns.
“Under the new tax law, if you operate a business as an enterprise and you enjoy certain incentives, you have the obligation to disclose those incentives. There’s a disclosure requirement for tax incentives that is not available to everybody as a general rule for taxpayers—to disclose them when filing their tax returns or shortly after.”
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