President Bola Tinubu on Tuesday at the Presidential Villa in Abuja inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms.
Persecondnews recalls that Tinubu’s quest to eliminate multiple taxation, increase revenue and remove all barriers to business growth in Nigeria led to the establishment of the committee in July and Taiwo Oyedele, a tax and fiscal policy expert, was appointed to chair the committee.
The committee is saddled with enhancing revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens tax participation.
The President said at the inauguration: “We cannot continue to tax poverty when we are supposed to promote prosperity.”
Persecondnews earlier reported that Special Adviser to the President on Revenue, Mr Zacchaeus Adedeji, had said Nigeria’s tax to GDP ratio is one of the lowest in the world and well below the African average.
“This has led to an overreliance 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.