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HomeBusinessNigeria's tax reforms to focus on equitable policies, transparency, modernization ~Oyedele

Nigeria’s tax reforms to focus on equitable policies, transparency, modernization ~Oyedele

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In a significant move towards shaping Nigeria’s economic future, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, outlined a comprehensive agenda during the inauguration of the committee at the presidential villa on Tuesday, stating the need for equitable tax policies.

Speaking at the inauguration carried out by President Bola Tinubu, the chairman of the reforms committee also talked about the need for the modernization of the country’s laws, transparent revenue administration, and prudent spending practices.

Oyedele highlighted the urgency of crafting data-driven fiscal policies that align with the modern economy and enhance coordination with monetary and other policies and emphasized the need for updates to existing laws to achieve harmonization, address tax multiplicity, and reduce the burden on vulnerable populations.

Oyedele also noted that while tax administration has improved, issues such as unregulated collections and complex dispute resolution mechanisms persist.

“Nigeria’s revenue generation falls below African standards, yet our collection costs remain high due to multiple taxes and fragmented reporting procedures,” Oyedele stated.

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He stressed the importance of building public trust in government and making the tax system more equitable and proposed revamping tax policies to ensure a fairer system, modernizing laws to adapt to changing economic landscapes and enhancing transparency in revenue reporting.

The Chairman of the Committee highlighted the potential for revenue mobilization without introducing new taxes. He suggested measures to address rising prices and currency pressures, as well as amendments to laws to encourage remote work opportunities and stimulate job growth in the digital economy, especially for the youth.

“We must establish a conducive policy environment to attract global businesses and position Nigeria as a hub for innovation, technology, and shared services,” he said.

Oyedele outlined a comprehensive and long-term approach to address fiscal concerns related to the Sustainable Development Goals, poverty reduction, energy transition, and responsible spending.

He also underscored the importance of delivering meaningful returns on tax contributions to encourage compliance. He concluded by reiterating the committee’s commitment to the nation’s prosperity and expressing confidence in achieving their goals with the support of the people and divine guidance.

Oyedele expressed gratitude to President Tinubu for entrusting him and other esteemed Nigerians with the responsibility of serving the nation in this capacity. He acknowledged the extensive support received from various sectors of society, including the organized private sector, professional bodies, the media, the international community, and the public.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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