According to Punch , President Bola Tinubu has given his approval for the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms. The committee will be chaired by Mr. Taiwo Oyedele, who currently serves as the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers. This decision comes shortly after the President signed four Executive Orders, which included the suspension of the five percent excise tax on telecommunication services and the escalation of excise duties on locally manufactured vehicles.
The committee, as stated in a press release signed by Dele Alake, Tinubu’s Special Adviser on Special Duties, Communication, and Strategy, will consist of experts from both the private and public sectors. Its main responsibilities will involve tax law reform, fiscal policy design and coordination, tax harmonization, and revenue administration. The primary objective of the committee is to enhance revenue collection efficiency and promote transparent reporting.
The committee will also focus on improving tax morale among citizens, fostering a healthy tax culture, and driving voluntary compliance. Mr. Zaccheus Adedeji, the Special Adviser to the President on Revenue, emphasized the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
Adedeji highlighted several challenges in Nigeria’s tax system, such as multiple taxes and revenue collection agencies, a fragmented and complex tax system, low tax morale, a high prevalence of tax evasion, the high cost of revenue administration, a lack of coordination between fiscal and economic policies, and poor accountability in the utilization of tax revenue. The administration aims to transform the tax system to support sustainable development and achieve a minimum Tax-to-GDP ratio of 18 percent within three years without hindering investment or economic growth.
The committee, chaired by Oyedele, will not only provide recommendations for necessary reforms but also drive their implementation in support of the comprehensive fiscal policy and tax reform agenda of the current administration. Oyedele brings extensive expertise to the position, serving as the Thematic Lead for the Fiscal Policy and Planning Commission, Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group, and heading the Taxation and Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria.
Additionally, Oyedele is a member of the Ministerial Committee on Implementing Nigeria’s National Tax Policy, the Global Tax Forum, and has previously served on the Global Governing Council of the Association of Chartered Certified Accountants. With his academic background and experience, Oyedele is well-equipped to lead the committee. He is an Associate Professor at the Babcock University Business School, holding degrees from prestigious institutions such as the London School of Economics and Political Science, Yale University, and Harvard Kennedy School Executive Education.
Furthermore, Oyedele is a guest lecturer at the Lagos Business School and the Founder and President of the Impact Africa Foundation. The committee’s formation under his guidance reflects the government’s commitment to addressing the challenges in Nigeria’s tax system and driving meaningful reforms to support the country’s development goals.
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