President Bola Ahmed Tinubu has received the ‘Quick Win Report’ on fiscal policy and tax reforms from the committee tasked with improving the nation’s revenue profile and business environment.
Reacting to a presentation by Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the president commended their work and assured them of his support for the review and implementation of key recommendations.
“I have listened attentively to your report. Charting the critical path forward for Nigeria’s economic recovery is crucial to all of us. I want to say thank you to your delegation,” he said.
President Tinubu granted the request of the committee to address a meeting of the Federal Executive Council (FEC) and apprise cabinet members of their work and expected outcomes to facilitate economic growth.
The president directed Ms. Hadiza Bala Usman, the Special Adviser on Policy Coordination, to coordinate with the relevant government officials for the session.
In his remarks, the Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, pledged to ensure the implementation of the recommendations of the committee, as they may apply, pending the approval of the president.
Mr. Adedeji said that beyond supporting the fiscal and tax reforms, the FIRS will explore opportunities to diversify the nation’s revenue sources, as the historical overreliance on oil has made the economy vulnerable.
In his prayers to the President, Mr. Oyedele, among others, called for an emergency economic intervention bill (Executive Bill) and the issuance of Presidential Executive Orders to address the duplication of functions across the public service, and to ensure prudent public financial management in a bid to optimize value from government assets and natural resources.
Briefing State House reporters after the meeting, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said President Tinubu directed the implementation of all recommendations by the Presidential Fiscal Policy and Tax Reform Committee across ministries, agencies and departments of the federal government.
During his post-meeting briefing, Oyedele said government was looking at how to remove impediments to businesses as legal and tax impediment did not allow global organisations to hire smart and intelligent young Nigerians in Nigeria to work within the global value system.
The tax reform chairman, who said the committee was at the second phase which involved rewriting our major tax laws, rued multiplicity of taxes totalling over 200 in Nigeria.