President BolaTinubu Inaugurates Tax Reform Committee, Gives It Deliverable Targets

President Bola Tinubu has said the agenda of his administration is to break the cycle of over dependent on borrowing, to finance public expenditure in the country.

He targets the achievement of 18 per cent tax to the Gross Domestic Product (GDP) within the next three years.

Tinubu stated this while inaugurating the presidential committee of fiscal policy and tax reforms, headed by Taiwo Oyedele,  on Tuesday at the state house, Abuja.

He said Nigeria was still facing challenges in the areas of ease of tax payment and tax to GDP ratio, and that there was the need to improve Nigeria’s revenue profile and business environment.

The president directed the committee to achieve fiscal governance, tax reform and growth facilitation within one year.

In the first instance, Tinubu asked the committee to deliver a scheduled of reform which are implementable within 30 days.

Also, he expects the committee to recommend critical reforms within six months and for implementation within one year.

He told the committee that the expectation of Nigerians are high, having sacrifices so much.

He also directed all government agencies, ministries and departments to cooperate fully with the Committee towards achieving their mandate.

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Tinubu said, “Within the scope of this mandate, the Committee shall have as its objective the advancement of viable and cost effective solutions to issues such as the multiplicity of

revenue collection agencies, the high cost of revenue administration, the excessive burden of compliance on ordinary taxpayers,

the lack of effective coordination between fiscal and other economic policies within and across levels of government and poor accountability in the utilisation of tax revenues.

“The Committee is comprised of experts from both the private and the public sector.

I have given them a strong mandate and I expect their report to cover tax reform, fiscal policy design and coordination, harmonisation of taxes and revenue administration among other items.

“Our target is to improve Nigeria’s revenue profile while making the business environment more conducive and internationally competitive.

Our aim is to transform the tax system to support sustainable development, while, at the same time, achieving a minimum of 18% Tax to GDP ratio within the next three years.

“In order to ensure to ensure seamless implementation, the Committee shall be empowered not merely to make recommendations; but to also provide practical support the government in the execution and delivery of the recommended changes.

“The Committee is expected to achieve its mandate within a period of one year. They are, in the first instance, expected to deliver a schedule of quick reforms

which 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.”