Bernice Larryoboh
President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, in agreement with his promise to remove all barriers impeding business growth in Nigeria.
This was revealed on the official Twitter handle of Asiwaju Bola Ahmed Media Centre.
The committee will be chaired by Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Taiwo Oyedele.
It 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.
According to the Special Adviser to the President on Revenue, Adelabu Zacch Adedeji, he explained that Tinubu recognizes 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 GDP ratio is one of the lowest in the world and well below the African average.
”This has led to an over reliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.
”While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.
He noted that the establishment of the committee reflects the President’s commitment to addressing the challenges in Nigeria’s tax system and bringing about transformative reforms in fiscal policy and taxation.
”Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next 3 years without stifling investment or economic growth.
”It should be noted that this committee will not only advise the government on necessary reforms, but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.
Oyedele is a highly accomplished professional with extensive expertise in fiscal policy, taxation, and economic matters. He currently serves as PWC Africa tax leader.
In addition to his role at PwC, Oyedele holds several important positions in prestigious organizations.
He is the Thematic Lead for the Fiscal Policy & Planning Commission and serves as the Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG).
Furthermore, he chairs the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Nigerian Taxation Standards Board.
He also serves as a member of the Ministerial Committee on the implementation of Nigeria’s National Tax Policy.
He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants (ACCA).
