In a bid to bolster its fiscal fortunes, the Presidential Fiscal Policy and Tax Reforms Committee has unveiled a comprehensive plan to boost Nigeria’s revenue without introducing new taxes. Instead, the committee proposes improved tax administration and technology-driven solutions to close the estimated N20 trillion tax gap, a move that is expected to have far-reaching implications for the country’s economic development.
Chairman Taiwo Oyedele, a renowned fiscal policy expert, emphasized the need for a transformative fiscal reform agenda driven by evidence and wide consultation. The committee’s objectives include reviewing tax laws, identifying new revenue sources, promoting economic diversification, and enhancing transparency and accountability in tax administration.
Oyedele stressed the importance of leveraging data intelligence and technology to enhance tax compliance, prevent revenue leakages, and exempt micro-businesses and low-income earners from tax burdens. The committee’s proposals are expected to undergo rigorous legislative processes, paving the way for a robust fiscal policy framework in Nigeria.
With a focus on sustainable revenue growth, Oyedele expressed confidence in Nigeria’s ability to mobilize revenue without overburdening citizens. This development is expected to enhance Nigeria’s economic growth, reduce poverty, and improve the overall well-being of Nigerians.
The committee’s recommendations are based on extensive research and consultation with stakeholders, including federal and state governments, revenue agencies, and private sector operators.
The proposed reforms are expected to harmonize tax policies, improve tax administration, and promote economic diversification, thereby creating a more conducive business environment and stimulating economic growth.
