FG Receives Tax Reforms Committee Report on “Quick Win”

On Tuesday in Abuja, President Bola Tinubu received the “Quick Win Report” on tax reforms and fiscal policy from the committee tasked with enhancing the country’s business climate and income profile.

The president congratulated Taiwo Oyedele, the head of the Presidential Committee on Fiscal Policy and Tax Reforms, on his efforts and gave his assurance that he would assist the review and execution of important proposals.

The committee to examine the nation’s tax administration and fiscal system was established by the president in August.

“I have carefully listened to your report. For all of us, figuring out the vital route forward for Nigeria’s economic recovery is essential. “I wish to express my gratitude to your delegation,” Mr. Tinubu stated.

He approved the Committee’s request to speak at a Federal Executive Council (FEC) meeting and inform cabinet members of their efforts and the results they want to achieve in order to promote economic growth.

President Tinubu directed Hadiza Usman, the special adviser on Policy Coordination, to coordinate with the relevant government officials for the session. In his remarks, the Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, pledged to ensure the implementation of the recommendations of the committee, as they may apply, pending the approval of the President.

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Mr Adedeji declared that beyond supporting the fiscal and tax reforms, the FIRS will explore opportunities to diversify the nation’s revenue sources, as the historical overreliance on oil has made the economy vulnerable.

”Nigeria’s fiscal policy serves as the foundation of economic stability. It dictates how the government collects, manages and allocates resources for the betterment of our people. A well-developed fiscal policy is crucial for the provision of infrastructure, healthcare, education and social services to our growing population. Tax reforms are an integral part of a robust fiscal policy. ”While our current tax system has contributed significantly to our revenue, there remains room for further enhancement; enhancement that can be driven with digital technology. To achieve this, we are collaborating with the Presidential Committee to streamline our tax laws, improve voluntary compliance, and expand the tax base to ensure equity and fairness,” Mr Adedeji said.

In his prayers to the president, Mr. Oyedele, among others, called for an emergency economic intervention bill (Executive Bill) and the issuance of Presidential Executive Orders to address the duplication of functions across the public service, and to ensure prudent public financial management in a bid to optimise value from government assets and natural resources.