"There are only 14 mllion tax payers out of 70 million that are economically active. Out of the 14 million, majority have their money deducted at source".

Adesoun made this disclosure during her weekly live program tagged Tax Thursday.

The minister said Nigeria is not running an oil economy unlike some other oil producing countries such as Saudi Arabia and Qatar.

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She said, "Oil prices are very volatile and its decline have always put us in a lot of problem. Oil economies tend to have a lot of oil but very few people. 

"Countries like Saudi Arabia with 30 million people and pump 10 million barrels of oil which means a barrel to 3 people. 

Nigeria with 190 million to 2 million barrel of oil which means 1 barrel to 90 people. Nigeria's tax to GDP is 6%. Oil is only 10% of our GDP."

She added, "Nigeria is closer to a mixed economy like Mexico and Egypt with a tax to GDP ratio of 20%. 

"Nigeria's tax to GDP is one of the lowest in the world. If we don't fix our revenue formula then we won't be able to position our economy to where it is supposed to be. 

"There are only 14 million tax payers out of 70 million that are economically active. Out of the 14 million, majority have their money deducted at source".

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