Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has submitted the committee’s report to President Bola Ahmed Tinubu at the State House in Abuja, Nigeria’s capital.
The committee has been given a mandate to implement the report within thirty days. Critical reform measures are expected to be recommended within six months, and full implementation will take place within one calendar year.
The President has directed the implementation of all recommendations in the report across Ministries, Agencies, and Departments of the Federal Government.
The directive was given on Tuesday after President Tinubu received the report on the quick-win achievements of the Committee from Mr. Taiwo Oyedele, the Chairman.
Speaking to journalists after the meeting, Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, disclosed that the President instructed his Adviser on Policy Coordination, Hadiza Bala Usman, to work with the Secretary to the Government of the Federation (SGF), George Akume, and Mr. Oyedele to ensure the directive is implemented.
According to Ngelale, the directive to implement the recommendations across government institutions is aimed at ensuring effective synergy and assimilation during their application.
Furthermore, Ngelale revealed that the President promised to prioritize the presentation of the recommendations during the next Federal Executive Council (FEC) meeting on Monday.
“After listening to a presentation by the committee chairman, the President directed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, to work with the Secretary to the Government of the Federation and the Chairman of the Tax Policy Review Committee to swiftly and immediately implement the committee’s recommendations across all ministries, departments, and agencies of the federal government. This is to ensure effective synergy and that every institution of the federal government is on the same page with respect to tax policy implementation,” said Ngelale.
President Bola Ahmed Tinubu also instructed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, to collaborate with the Secretary to the Government of the Federation and the Chairperson of the Tax Policy Review Committee for the seamless implementation of the committee’s recommendations across federal government ministries, departments, and agencies.
This collaboration aims to facilitate effective coordination and ensure uniformity in the execution of tax policies across all federal government institutions.
The President has also emphasized that the suggestions of the tax policy review committee be given high priority during the next Federal Executive Council meeting on Monday.
He stated that expanding the tax base significantly is crucial for the government to achieve optimal public service delivery for its citizens.
“After listening to a presentation by the committee chairman, the President directed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, to work with the Secretary to the Government of the Federation and the Chairman of the Tax Policy Review Committee to ensure the swift and immediate implementation of the committee’s recommendations across all ministries, departments, and agencies of the federal government to ensure effective synergy in tax policy implementation,” added Ngelale.
The President aims to reach a targeted threshold of 18% of the Gross Domestic Product (GDP) in tax collection without imposing excessive hardships on the most disadvantaged segments of Nigeria’s population and without significantly increasing taxes on large, medium, and small-scale industries in the country.
President Tinubu had tasked the Tax Reforms committee with improving Nigeria’s revenue profile while creating a more conducive and internationally competitive business environment.
The committee has also set a goal of achieving a minimum of 18% Tax to GDP ratio within the next three years.
It is worth noting that President Tinubu inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms and appointed Taiwo Oyedele, a tax and fiscal policy expert, as its chairman.
