President Bola Tinubu launched the Presidential Committee on Fiscal Policy and Tax Reforms on Tuesday during a ceremony held in the Council Chamber of the Presidential Villa as part of his administration's efforts to improve the country's economic climate.
While addressing the members of the committee during the inauguration, the president highlighted his dedication to promoting wealth and economic progress.
In his speech, Tinubu emphasized the importance of enhancing Nigerians' economic security through thorough fiscal policies and tax reforms.
“We cannot continue to tax poverty when we are supposed to promote prosperity,†the president stated.
Tinubu charged the committee with improving Nigeria’s revenue profile and business environment as the Federal Government moves to achieve an 18% Tax-to-GDP ratio within three years.
“We cannot blame the people for expecting much from us. To whom much is given, much is expected.
"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.
Speaking further, Tinubu acknowledged Nigeria’s current international standing in the tax sector, saying the nation was still facing challenges in areas such as ease of tax payment and its Tax-to-GDP ratio.
“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.
Mr. Taiwo Oyedele, a seasoned professional with vast experience in taxation and fiscal policy, is in charge of the newly established committee.
Oyedele has over twenty years of experience in accounting, auditing, and human resources consulting. He was formerly a Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC).
The duties of the committee will cover a wide variety of fiscal issues, such as tax reforms designed to simplify current systems, encourage investment, and promote economic diversification.