President Bola Tinubu underlined his administration's resolve on Tuesday to break the vicious cycle of overreliance on borrowing for public spending and the resultant burden of debt payment on Nigeria's limited government resources.
The President charged the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, with improving the country's revenue profile and business environment as the Federal Government works to attain an 18% tax-to-GDP ratio within three years.
While emphasizing the importance of their work, President Tinubu assures the Committee that his administration bears the responsibility to better the lives of its citizens.
“We cannot blame the people for expecting much from us. To whom much is given, much is expected,” Tinubu said.
“It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people.”
Recognizing the country's current international ranking in tax, the President stated that the country still faces issues in other areas such as ease of tax payment and its Tax-to-GDP ratio, which trails behind even Africa's Continental average.
“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.
“Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.
“The Committee is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” the President directed.
Taiwo Oyedele, Chairman of the Committee, pledged members' willingness to do their best for the sake of the nation.
“Many of our existing laws are outdated, hence they require comprehensive updates to achieve full harmonisation to address the multiplicity of taxes, and to remove the burden on the poor and vulnerable while addressing the concerns of all investors, big and small,” Oyedele said.
