Committee on fiscal policy, tax reforms inaugurated
Nigeria’s President, Bola Ahmed Tinubu, on Tuesday inaugurated the Committee on Fiscal Policy and Tax Reforms, after four weeks setting it up.
The committee will be chaired by Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Taiwo Oyedele.
READ ALSO: President Tinubu appoints Taiwo Oyedele to chair tax reforms committee
The committee which comprised of experts from both the private and public sectors as members will also drive tax reforms implementation based on recommendations.
Special Adviser to the President on Revenue, Adelabu Adedeji, explained that the President recognised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
The President in his speech promised to break the vicious cycle of over reliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of the country’s limited government revenues.
To this, the government is targeting an 18% Tax-to-GDP ratio within three years.
The committed has been mandated within one year to achieve three core sustainable economic indices including fiscal governance, tax reforms, and growth facilitation.
The President made it known to the committee that Nigerians want the government to make their lives better
”We cannot blame the people for expecting much from us. To whom much is given, much is expected,” said the president as quoted by Ajuri Ngelale, Special Adviser to the President on Media and Publicity.
”It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,” he declared.
Acknowledging Nigeria’s current international standing in the tax sector, the President said the nation is still facing challenges in areas such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.
“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.
”Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.
”The Committee, in the first instance, is expected to deliver a schedule of quick reforms that 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,” the President directed.
Recounting the President’s sterling track record on revenue transformation, the Special Adviser to the President on Revenue, Mr. Zacchaeus Adedeji described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.
”Mr. President, you have the pedigree when it comes to revenue transformation. You demonstrated this when you were the Governor of Lagos State over 20 years ago,” the Special Adviser said.
Chairman of the Committee, Mr. Taiwo Oyedele pledged the total commitment of members to give their best in the interest of the nation.
“Many of our existing laws are out-dated, hence they require comprehensive updates to achieve full harmonisation to address the multiplicity of taxes, and to remove the burden on the poor and vulnerable while addressing the concerns of all investors, big and small,” he said.
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