In a bid to achieve a staggering N10 trillion revenue, the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria has set the stage for a groundbreaking tax overhaul. Taiwo Oyedele, the committee’s Chairman, revealed that the proposed tax regulation awaits approval from the National Assembly. Speaking at a forum organized by the Harvard Business School Association of Nigeria, Oyedele highlighted the urgent need for comprehensive tax reforms to bolster economic growth and alleviate the burden on businesses.
The envisaged new tax law seeks to revamp existing regulations, with a primary focus on optimizing non-oil assets to harness their revenue potential. Oyedele underscored the abundance of non-oil assets in Nigeria, estimated to range between N80 trillion and N100 trillion. Shockingly, these assets have been woefully neglected and mismanaged, presenting a colossal opportunity for economic revitalization.
The revelation of underutilized and mismanaged assets, some of which had been registered under corporate entities, highlights a glaring issue in the country’s asset management. Oyedele stressed that improving the management of these assets and divesting underperforming ones could inject much-needed liquidity into the economy, serving as a catalyst for growth.
The proposed tax law, embedded with crucial amendments to existing legislation, is poised to unleash the economic potential of Nigeria’s non-oil assets. Oyedele’s call to action is a resounding plea for lawmakers to expedite the approval process. The successful implementation of this new tax law could pave the way for a transformative era of economic prosperity in Nigeria, transcending its oil-centric revenue model.
