The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, paid a courtesy visit to the Vice President, Senator Kashim Shettima, on Friday to kick off engagements.
Oyedele confirmed his visit to Shettima in a post on X (formerly Twitter), where he also said that he is humbled by the trust and high level of confidence expressed in the committee to help shape the fiscal direction for Nigeria.
“We are also encouraged by the unalloyed support by Mr. Vice President,” The Chairman of the Presidential Tax Reforms Committee said.
“We will leverage on the platform of the National Economic Council, chaired by the VP to engage with key policymakers, especially the State Governors who by extension are also our principals. Together we will succeed.”
Meanwhile, with several ills affecting Nigeria’s tax system, especially in the areas of assessment and collection, Oyedele in August advocated a comprehensive review of outdated tax laws to streamline taxes and address multiplicity.
Speaking at the inauguration of the committee, Oyedele said he noted that many of the nation’s existing laws are outdated and require comprehensive updates to achieve harmonisation, tackle the problem of multiplicity of taxes, remove the burden on the poor, and address the concerns of investors.
He pointed out that Nigeria’s revenue generation falls below the African average, despite the fact that the nation’s costs of tax collection are rated among the highest globally.
According to him, the major challenges revolve around multiple taxation, numerous collection agencies and fragmented revenue reporting procedures.
Although, Oyedele admitted that Nigeria’s tax administration has recorded meaningful improvement, he, however, said it remains relatively basic, with instances of unregulated collections by untrained officers, particularly at the local government level.
He has, however, reassured Nigerians that the Federal Government’s (FG) sustainable fiscal policy and tax reforms would benefit them.
Addressing reporters in Lagos recently, he restated that the panel was out to better the citizenry through sustainable policies.
