The President’s ultimate objective is a full-scale implementation of the reforms within one calendar year.
President Bola Tinubu has received the comprehensive report on Fiscal Policy and Tax reforms.
The announcement came from Taiwo Oyedele, the spokesperson for the Presidential Committee on Fiscal Policy and Tax Reforms, during a press briefing held at the Presidential Villa in Abuja on Tuesday, October 24, 2023.
Oyedele informed the gathered journalists that the committee had successfully completed the initial phase of the presidential mandate.
They are now poised to embark on the second critical phase, involving substantial fiscal reforms.
These reforms will encompass legislative and constitutional amendments, aiming to significantly reduce the overwhelming number of official and unofficial taxes, currently exceeding 200, levied on Nigerians across various federating units.
The ultimate goal is to streamline this labyrinth of taxes to fewer than 10, promising a simplified and more transparent tax system.
Ajuri Ngelale, the Presidential Spokesman, also addressed the media, elaborating on President Tinubu’s directives following the committee’s report reception.
President Tinubu has directed Hadiza Bala Usman, the Special Adviser to the President on Policy Coordination, to collaborate closely with George Akume, the Secretary to the Government of the Federation, and the Chairman of the Tax Policy Review Committee.
Their task is to ensure the swift and immediate implementation of the committee’s recommendations throughout all ministries, departments, and agencies of the Federal Government.
Ngelale stressed that President Tinubu stated the importance of effective synergy among these government institutions. The President’s instructions were clear: every entity within the Federal Government must align its efforts regarding the implementation of the new tax policy.
Furthermore, the President emphasised the critical need to avoid burdening the most vulnerable segments of society during this process.
President Bola Tinubu had inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms on August 8, with a specific mandate to accomplish its goals within a year.
The committee’s immediate task was to devise a quick schedule of reforms implementable within thirty days. Subsequently, they were expected to recommend crucial reform measures within six months.
The President’s ultimate objective was a full-scale implementation of the reforms within one calendar year.
