President Bola Tinubu has inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms. The inauguration took place on Tuesday at the Council Chamber of the Presidential Villa in Abuja.
In his speech, President Tinubu said the federal government cannot continue to tax poverty when it is supposed to promote prosperity.
Recall that the President had on July 7 approved the establishment of the Committee headed by a former Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Taiwo Oyedele.
According to a statement from the presidency, the establishment of the committee is in consonance with his promise to remove all barriers impeding business growth in the country.
The statement added that the committee will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
It said the panel would be responsible for various aspects of tax law reforms, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.
The statement added that the committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
Speaking on the committee’s establishment, Zacchaeus Adedeji, Special Adviser to the President on Revenue, emphasised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
He said Nigeria ranks very low on the global ease of paying taxes while the country’s tax to gross domestic product (GDP) ratio “is one of the lowest in the world and well below the African average”.