President Bola Tinubu has just inaugurated a Presidential Committee on Fiscal Policy and Tax Reforms in FCT Abuja.
Recall that the President had about a month ago, set up the committee, which would be headed by Taiwo Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC).
The committee will include expert members from both private and public sectors.
At the swearing in ceremony, the President remarked that the Committee would be led by national interest above anything else and that the country could not continue to tax poverty or production, instead the focus would be on returns, income and consumption.
Tinubu further ordered all government agencies, ministries and departments in the country to collaborate completely with the Committee towards attaining their mandate.
In Tinubu’s words:
“The target is to enhance Nigeria’s revenue profile while making the business environment more beneficial and internationally competitive. The aim is also, to alter the tax system so that it substantiates sustainable development, while, at the same time, attains the least possible tax of 18% to GDP ratio within the next three years.”
“To ensure the seamless implementation if this, the Committee will be authorised to not only make recommendations; but to also provide actual support to the government in its execution and delivery of the recommended changes.” Tinubu stated.
This inaugurated Committee is expected to attain its goal within the time frame of one year.
