President Bola Tinubu has received an initial report detailing the immediate accomplishments of the Presidential Committee on Fiscal Policy and Tax Reforms. These achievements represent essential steps in repositioning the country’s tax administration.
Following the meeting with the President today, Taiwo Oyedele, the committee’s chairman, provided a briefing to State House correspondents. The committee is charged with the vital responsibility of advancing fiscal governance, transforming revenue systems, and fostering economic growth. They have been actively engaging with key stakeholders to formulate critical reforms.
It is worth noting that when the committee was inaugurated, its primary objective was to revamp the tax system, ensuring its alignment with sustainable development goals while striving to attain an 18% Tax to GDP ratio within the next three years. Oyedele shared that they are currently in the process of revising the nation’s tax laws to bring about clarity through social engagement.
Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, elaborated that President Tinubu has instructed his Special Adviser on Policy Coordination to collaborate with the Office of the Secretary to the Government of the Federation. This collaboration is intended to ensure the comprehensive implementation of policies originating from the Tax Reforms Committee across all ministries, departments, and agencies.
Ngelale also added that the President has affirmed that the tax review policies will focus on improving the quality of life for the less privileged and vulnerable segments of society.
Inaugurated on August 8, 2023, the Committee on Fiscal Policy and Tax Reforms comprises experts from both the private and public sectors. It is entrusted with the responsibility of addressing various aspects of tax law reform, designing fiscal policies, harmonizing taxes, and overseeing revenue administration