President Bola Tinubu has set a 30-day target for tax reform, expressing his determination to break the cycle of heavy reliance on borrowing for public spending and the resulting debt servicing burden. He made these remarks while inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, in Abuja on Tuesday.
A 400-level Economics student from the University of Ibadan, Orire Agbaje, was appointed by the President as a member of the presidential committee on fiscal policy and tax reforms.
Tinubu stated, “Our objective is to revamp the tax system to promote sustainable development, aiming to achieve a minimum tax-to-GDP ratio of 18 percent within the next three years. Without sufficient revenue, the government cannot adequately provide essential social services to its citizens.”
The President emphasized that the committee’s initial task is to propose a set of rapid reforms that can be implemented within 30 days. More critical reform measures should be recommended within six months, with full implementation planned for one calendar year.
Tinubu urged the committee to enhance the country’s revenue outlook and business environment, aligning with the Federal Government’s goal to achieve an 18 percent tax-to-GDP ratio within the next three years.
He instructed the committee to accomplish its one-year mandate, which was segmented into three primary domains: fiscal governance, tax reforms, and growth facilitation. He further mandated all government ministries and departments to offer full cooperation to the committee, emphasizing that failure would not be tolerated.
Tinubu asserted, “We cannot shift blame onto the people for having high expectations from us. When much is given, much is expected. This holds even more true since we campaigned on the promise of a better country under our Renewed Hope Agenda. I am dedicated to utilizing every moment I spend in this office to enhance the well-being of our citizens.”
The President highlighted that Nigeria still faces challenges related to areas such as simplifying tax payment and achieving a desirable tax-to-GDP ratio.
The Committee Chairman, Oyedele, pledged the commitment of the members to act in the nation’s best interest. He mentioned, “Many of our existing laws are outdated and require comprehensive revisions to achieve thorough harmonization, addressing the multitude of taxes, and alleviating the burden on the less privileged, while considering the concerns of all investors, regardless of size.”
Zacchaeus Adedeji, the Special Adviser to the President on Revenue, characterized the committee members as accomplished individuals from various sectors, hailing from both the public and private domains. He remarked, “Mr. President, you have a proven track record in revenue transformation. You demonstrated this during your tenure as the Governor of Lagos State over 20 years ago.”
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