G24 Minister Warns Against Tax Burdens Amid Economic Pressures

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned governments against imposing new taxes or increasing tax burdens on vulnerable citizens and productive businesses during current economic pressures. This warning was delivered at the 2026 IMF and World Bank annual meetings in Bangkok, Thailand, where he presented the G24 communiqué.

Oyedele advised developing countries to identify spending reductions and improve revenue collection without worsening pressures on households and businesses when managing rising debt servicing costs. He emphasized reviewing public expenditure and existing revenue sources while ensuring additional taxes did not harm vulnerable sectors.

The minister acknowledged debt financing's role in economic development but stressed borrowed funds should create broad-based employment benefits. He also urged prioritizing public funds for healthcare and education while encouraging private capital for other investments.