President Bola Tinubu has established a Presidential Committee on Fiscal Policy and Tax Reforms, and named Taiwo Oyedele as Chairman.
Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), will lead a team of experts from the private and public sectors with a mandate that encompasses tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
Speaking on behalf of the President, Adelabu Zacch Adedeji, the Special Adviser on Revenue, emphasized the critical role of a robust fiscal policy environment and an efficient taxation system for the functioning of the government and the economy.
Adedeji highlighted Nigeria’s poor ranking in global ease of paying taxes and its low Tax-to-GDP ratio, which is significantly below the African average.
Among the key challenges facing Nigeria’s tax system are the presence of multiple taxes and revenue collection agencies, a fragmented and complex tax structure, low tax morale, widespread tax evasion, high costs associated with revenue administration, lack of coordination between fiscal and economic policies, and inadequate accountability in the utilization of tax revenue.
The committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues.