Taiwo Oyedele Highlights Tax Burden on Truck Drivers: Over N450,000 to Transport Yam

Excessive Taxation on Transportation

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that a truck driver spends more than N450,000 as levies to transport food items such as yams from the northern part of the country to the south.

Impact of Tax Policies

Oyedele shared this information while speaking at the 2024 annual corporate forum hosted by Access Bank in Lagos. The committee head stated that the multiplicity in taxes, most of which are not formal, has contributed to the high prices of goods and services in the country.

Tax Diagnosis for Economic Growth

According to him, it’s crucial for the country to diagnose its tax and fiscal policies to ensure economic growth and development. “We have over sixty official taxes. Unofficially, we counted more than 200 taxes. As mentioned by the Minister of Finance, more than 90 percent of our revenues from taxes come from less than 10 taxes. Why do we have over 200? That’s insane,” Oyedele expressed.

• All transportation incurs a tax burden.
• Taxis for basic items like wheelbarrows and bicycles add to the financial strain.
• Transporting yams across regions requires truckers to budget over N450,000 strictly for tax payments.

“If you don’t diagnose your problems correctly, your outcomes will be very different from your aspirations,” Oyedele concluded, emphasizing the need for reform.