Renowned fiscal policy expert Taiwo Oyedele has highlighted the transformative potential of Nigeria’s new tax bill, stating that its effective implementation could pave the way for significant salary increases for university lecturers. Speaking recently, Oyedele emphasized that academic staff, who currently earn an average of ₦400,000 monthly, could see their earnings rise to as much as ₦5 million per month under a restructured and sustainable economic framework.

“The new tax bill offers an opportunity to reimagine our fiscal landscape and prioritise key sectors like education,” Oyedele remarked. “University lecturers should not be earning ₦400,000 a month. With the right policies, they can and should earn up to ₦5 million monthly, reflecting their critical role in nation-building.”

The proposed tax reforms aim to increase government revenue by broadening the tax base and addressing inefficiencies in collection. Oyedele believes that with enhanced fiscal discipline, increased revenue could be channeled into improving public services, including education, which he described as the backbone of national development.

He further argued that better remuneration for lecturers would not only elevate the standard of education in Nigeria but also help attract and retain top talent in academia, fostering innovation and development in the country.

While the proposal has sparked conversations about fiscal priorities, many stakeholders agree that addressing the long-standing issue of underpaid educators is crucial for advancing Nigeria’s education sector. The tax bill, if implemented effectively, could mark a turning point for the country’s universities and their contribution to economic growth.

Observers await further details on the bill’s provisions and its potential to bring about meaningful change in critical sectors like education.