President Bola Tinubu has established a Presidential Committee on Fiscal Policy and Tax Reforms and appointed Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PwC, as the chairman. The move aligns with Tinubu’s commitment to removing barriers to business growth in Nigeria.
The committee, encompassing experts from the private and public sectors, will focus on tax law reform, fiscal policy design and coordination, tax harmonization, and revenue administration. It reflects Tinubu’s dedication to addressing the country’s fiscal policy and taxation challenges, and instigating transformative changes in these areas.
The Special Adviser to the President on Revenue, Mr. Adelabu Zacch Adedeji, mentioned that the low ease of paying taxes and the country’s low Tax to GDP ratio had led to over-reliance on borrowing, limiting socio-economic development funding.
The committee aims to enhance revenue collection efficiency, promote effective utilization of tax and other revenues, improve the country’s revenue profile, and create a more competitive business environment. The goal is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next three years without hampering investment or economic growth.
Oyedele, the newly appointed chairman, has an extensive background in fiscal policy, taxation, and economic affairs. He serves in numerous positions including as Thematic Lead for the Fiscal Policy & Planning Commission, Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG), and member of the Nigerian Taxation Standards Board. He also lectures at Lagos Business School and Babcock University Business School.