In line with his commitment to removing barriers to business growth in Nigeria, President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms. The committee, chaired by Mr. Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), will consist of experts from the private and public sectors.
The committee’s mandate includes tax law reform, fiscal policy design and coordination, tax harmonization, and revenue administration. Its formation reflects President Tinubu’s recognition of the significance of a sound fiscal policy environment and an effective taxation system for the government and the economy.
Nigeria currently faces several challenges in its tax system, such as multiple taxes and revenue collection agencies, a fragmented and complex tax system, low tax morale, tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in tax revenue utilization.
The primary objective of the committee is to enhance revenue collection efficiency, promote transparent reporting, and ensure the effective utilization of tax and other revenues. The aim is to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance. These efforts will improve Nigeria’s revenue profile and create a conducive and internationally competitive business environment.
The committee’s recommendations will not only advise the government on necessary reforms but also drive their implementation. President Tinubu’s comprehensive fiscal policy and tax reform agenda seeks to achieve a minimum tax-to-GDP ratio of 18% within the next three years, without stifling investment or economic growth.
Mr. Taiwo Oyedele, the appointed committee chair, brings extensive expertise in fiscal policy, taxation, and economics. As the Africa Tax Leader at PwC, he has a strong track record in the field. Oyedele is also involved in various professional bodies and serves as a guest lecturer and associate professor at prominent educational institutions.
The establishment of this committee reflects President Tinubu’s commitment to transformative fiscal policy and taxation reforms. The government aims to create sustainable development, improve revenue collection, and foster a business-friendly environment.
