President Bola Tinubu has officially inaugurated the esteemed Presidential Committee on Fiscal Policy and Tax Reforms, a move aimed at reshaping Nigeria’s economic landscape and fostering sustainable development.
The inauguration took place in the capital city of Abuja, marking a pivotal step towards improving the nation’s revenue generation and refining its tax system.
Exactly four weeks ago, President Tinubu announced the establishment of the committee, entrusting its leadership to Taiwo Oyedele, a distinguished figure in the field of fiscal policy and the Africa Tax Leader at PriceWaterhouseCoopers (PwC).
This newly formed committee is composed of a carefully selected assembly of experts hailing from both the public and private sectors, ensuring a balanced and comprehensive approach to the nation’s fiscal challenges.
Addressing a captivated audience during the inauguration ceremony, President Tinubu emphasized the overarching importance of prioritizing the national interest throughout the committee’s deliberations
Tinubu said, “Within the scope of this mandate, the Committee shall have as its objective the advancement of viable and cost-effective solutions to issues such as the multiplicity of revenue collection agencies, the high cost of revenue administration, the excessive burden of compliance on ordinary taxpayers, the lack of effective coordination between fiscal and other economic policies within and across levels of government and poor accountability in the utilization of tax revenues.
“The Committee is comprised of experts from both the private and the public sectors. I have given them a strong mandate and I expect their report to cover tax reform, fiscal policy design, coordination, harmonization of taxes, and revenue administration among other items.
“Our target is to improve Nigeria’s revenue profile while making the business environment more conducive and internationally competitive. Our aim is to transform the tax system to support sustainable development, while, at the same time, achieving a minimum of 18% Tax to GDP ratio within the next three years.
“In order to ensure seamless implementation, the Committee shall be empowered not merely to make recommendations, but to also provide practical support to the government in the execution and delivery of the recommended changes.
“The Committee is expected to achieve its mandate within a period of one year. They are, in the first instance, expected to deliver a schedule of quick reforms which can be implemented within thirty days. Critical reform measures should be recommended within six months and full implementation will take place within one calendar year.”
As Nigeria sets its sights on economic resurgence and sustainable progress, the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms stands as an assertive stride toward enhancing fiscal transparency, economic vitality, and national prosperity.
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