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Economy: Tinubu receives ‘quick win report’ on Fiscal Policy and Tax Reforms

R-L: President Bola Ahmed Tinubu, Mr. Taiwo Oyedeji, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms; and Mr. Zaccheus Adedeji, Acting Executive Chairman of FIRS Photo: State House

*President Bola Ahmed Tinubu has received the report of the Presidential Committee on Fiscal Policy and Tax Reforms,  stressing that all must be done in regard to implementation of its recommendations without placing undue burden on the most vulnerable segments of the Nigerian society

Gbenga Kayode | ConsumerConnect

President Bola Ahmed Tinubu Tuesday, October 24, 2023, in Abuja, FCT,  received the ‘Quick Win Report’ on fiscal policy and tax reforms.

ConsumerConnect reports  President Tinubu earlier had inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms August 8, 2023, tasked with the responsibility to improve the revenue profile and business environment in Nigeria.

Sequel to a presentation  by Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Tuesday, Tinubu applauded the Committee’s work and  assured the team of his support for the next review and implementation of key recommendations contained in the document.

The President stated: “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.”

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement also noted President Tinubu granted the Committee’s request to address a meeting of the Federal Executive Council (FEC), and apprise cabinet members of their work and expected outcomes to facilitate economic growth in the West African country.

SA on Policy Coordination to rally relevant government officials

The Presidential media aide also disclosed Tinubu  had directed Ms. Hadiza Bala-Usman, Special Adviser (SA) on Policy Coordination, to coordinate with the relevant government officials for the session.

Ajuri Ngelale, Presidential Spokesman, to reporters that Ms. Bala-Usman would liaise with Sen. George Akume, Secretary to the Government of the Federation (SGF), and Mr. Oyedeji, Chairman of the Tax Policy Review Committee, to ensure that the recommendations of the committee are “swiftly and immediately” implemented across all Ministries, Departments, and Agencies (MDAs) of the Federal Government.

Ngelale also explained that the move in this regard is to ensure there is effective synergy, and to ascertain that every institution of the Federal Government is on the same page concerning how tax policy will be implemented.

In his remarks at the presentation of the report, Mr. Zaccheus Adedeji, Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), pledged to ensure the implementation of the recommendations of the Committee, as they may apply, pending the approval of the President.

Adedeji also assured that beyond supporting the fiscal policy and tax reforms, the FIRS as the country’s foremost tax administration agency, would explore opportunities to diversify the Nigeria’s revenue sources.

According to him, the historical over-reliance on oil wealth has made the Nigerian economy vulnerable.

Essence of fiscal policy in economy, by Zacch Adedeji

As regards the importance of an effective fiscal policy, Adedeji stated: “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.”

He further opined that “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.”

The Acting FIRS Chief said: “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.”

Earlier, Oyedele among other requests, had 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.

He noted this is to ensure prudent public financial management in a bid to optimise value from government assets and natural resources.

Recall President Tinubu had inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms with a mandate to “achieve its mandate within a year.

They are, in the first instance, expected to deliver a schedule of “quick reforms”, which can be implemented within 30 days.

“Critical reform measures should be recommended within six months and full implementation will take place within one calendar year,” the President said.

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