Abuja, Oct. 25, 2023: President Bola Tinubu on Tuesday, received the ‘Quick Win Report’ on fiscal policy and tax reforms from the Committee tasked with improving the nation’s revenue profile and business environment.
The report was presented to the president at the presidential villa in Abuja by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele.
Receiving the report, the president commended the team 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 team,”he said.
The president granted the request of the committee to address a meeting of the Federal Executive Council (FEC) and appraised cabinet members of their work and expected outcomes to facilitate economic growth.
The president directed Ms Hadiza Usman, Special Adviser on Policy Coordination, to coordinate relevant government officials for the session.
The acting Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, pledged to ensure the implementation of the recommendations of the committee, as they may apply, pending the approval of the President.
Adedeji declared that beyond supporting the fiscal and tax reforms, the FIRS would explore opportunities to diversify the nation’s revenue sources, as the historical over reliance on oil has made the economy vulnerable.
”Nigeria’s fiscal policy serves as the foundation of economic stability. It dictates how 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 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.”
In his prayers to the President, Mr. Oyedele, among others, called for an emergency economic intervention bill (Executive Bill).
He also called for 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.”