Finance Minister warns against new taxes for the poor as G-24 seeks cheaper loans

Nigeria’s Finance Minister, Taiwo Oyedele, has raised concerns about adding more taxes on poor people and key sectors of the economy during these uncertain global times.

Mr Oyedele said that with the current global uncertainty and rising prices, it is not a good time for governments to introduce new taxes.

He shared these thoughts after the meetings of the Group of Twenty-Four (G24) at the 2026 annual meetings 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 also chairs the G-24, stated.

He added, “Countries should first look inwards, to find savings and ways to increase revenue, while remembering that this is not the time to impose new taxes or increase the burden on vulnerable people and productive sectors.”

On the topic of balancing taxes and debt, he emphasized that finding the right balance is crucial.

“If you collect taxes, you raise money now, but that has many trade-offs. What taxes are you collecting? If you tax the most vulnerable, you take away their ability to buy food, health care, and education.

“Debt is future taxes, so it is not just one or the other. We need to strike a balance, keeping in mind that the goal of taxes and debt is to support the people,” he explained.

The minister pointed out that while debt is necessary for economic growth, it should be used wisely to create jobs and support growth.

“Borrowing and debt financing are necessary for growth. Every developing country must use debt financing in a way that positively impacts the economy, especially in creating jobs and promoting inclusive growth,” he said.

In a related development, the G24 released a statement calling for cheaper concessional financing to lighten the financial load on countries.

Iyabo Masha, the Director of the G24 Secretariat, mentioned that there has been a shift in global debt restructuring, which can help countries resolve their debt issues more quickly.