“On Tuesday in Abuja, Bola Tinubu, the President of Nigeria, reaffirmed his dedication to ending the country’s reliance on borrowing for public expenditures. He made this commitment during the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, led by Taiwo Oyedele.
Tinubu charged the committee with the task of enhancing the nation’s revenue generation and business climate, aligning with the Federal Government’s objective of achieving an 18% Tax-to-GDP ratio over a span of three years.
In a statement dated August 8, signed by Ajuri Ngelale, the Special Adviser to the President (Media & Publicity), Tinubu directed the Committee to fulfill its one-year mandate, structured around three primary domains: fiscal governance, tax reforms, and facilitation of economic growth.
Tinubu remarked, ‘We cannot fault people for having high expectations of us. With great responsibility comes great anticipation.”’
“Furthermore, he emphasized that this commitment is even more significant considering our campaign promise of a better country grounded in the Renewed Hope Agenda. I have devoted myself to utilizing every moment in this role to enhance the well-being of our citizens,” he affirmed.
Acknowledging Nigeria’s current global position in the tax sector, Tinubu acknowledged that the country is grappling with challenges in areas such as simplifying tax payment processes and elevating its Tax-to-GDP ratio, which currently falls below the continental average for Africa.
“Our objective is to reshape the tax framework in order to foster sustainable development, simultaneously achieving a minimum tax-to-GDP ratio of 18% within the next three years.
“Without revenue, the government cannot effectively provide essential social services to the people it is entrusted to serve,” Tinubu noted.
He directed the Committee to produce an initial schedule of rapid reforms that can be executed within thirty days. Additionally, the Committee should propose crucial reform measures within six months, followed by their full implementation within a year.
Oyedele pledged the complete dedication of the committee members to contribute their best for the nation’s welfare.
“Many of our existing laws are outdated, necessitating comprehensive updates to achieve comprehensive harmonization, address the complexity of taxes, and alleviate the burden on the economically disadvantaged. Simultaneously, these efforts will address the concerns of all types of investors, both large and small,” he expressed.
