Presidency

Tinubu receives report on fiscal policy, tax reforms

President Bola Tinubu has received the ‘Quick Win Report’ on fiscal policy and tax reforms from the committee tasked with improving Nigeria’s revenue profile and business environment.

Tinubu received the report at the Presidential Villa in Abuja on Tuesday, October 24, 2023.

Responding to a presentation by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, the president commended their work and assured them of his support for the review and implementation of key recommendations.

“I have listened attentively to your report. Charting the critical path forward for Nigeria’s economic recovery is crucial to all of us. I want to say thank you to your delegation,” he said.

President Tinubu also granted the request of the committee to address a meeting of the Federal Executive Council (FEC) and apprise cabinet members of their work and expected outcomes to facilitate economic growth.

The president, according to a statement issued by his spokesman, Ajuri Ngelale, directed the Special Adviser on Policy Coordination, Hadiza Bala Usman, to coordinate with the relevant government officials for the session.

In his remarks, the Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, pledged to ensure the implementation of the recommendations of the committee, as they may apply, pending the approval of President Tinubu.

Adedeji stated that beyond supporting the fiscal and tax reforms, the FIRS will explore opportunities to diversify the nation’s revenue sources, stressing that the historical overreliance on oil has made the economy vulnerable.

The FIRS boss said: “Nigeria’s fiscal policy serves as the foundation of economic stability. It dictates how the government collects, manages, and allocates resources for the betterment of our people.

“A well-developed fiscal policy is crucial for provision of infrastructure, healthcare, education, and social services to our growing population. Tax reforms are an integral part of a robust fiscal policy.

“While our current tax system has contributed significantly to our revenue, there remains room for further enhancement; enhancement that can be driven with digital technology. To achieve this, we are collaborating with the Presidential Committee to streamline our tax laws, improve voluntary compliance, and expand the tax base to ensure equity and fairness.”

On his part, Oyedele, among others, called for an emergency economic intervention bill (Executive Bill) and the issuance of Presidential Executive Orders to address the duplication of functions across the public service, and to ensure prudent public financial management in a bid to optimise value from government assets and natural resources.

The Star