President Bola Tinubu has inaugurated the presidential committee on fiscal policy and tax reforms with a charge to transform the tax system to support sustainable development and achieve a minimum of 18% tax to GDP ratio within the next three years.
The committee which has one year span is established to address the broad fiscal challenges facing the Nigerian economy through fiscal governance, tax reforms and growth facilitation.
President Tinubu said the committee has as its objective the advancement of viable and cost-effective solutions to issues such as multiplicity of tax collection agencies, the high cost of revenue administration, and the lack of effective coordination between fiscal and other economic policies across all levels of government.
The chairman of the committee, Taiwo Oyedele said if the country is to achieve the needed growth, aside from other necessities, there is the need to create a conducive environment to attract private and foreign investment through a comprehensive approach and coordinated strategy.
He further hinted the committee will evolve ways of mobilizing more tax revenue without necessarily increasing tax burdens. Speaking after the inauguration, the representative of the World Bank said the agenda of the committee is key to helping Nigeria achieve inclusive growth with more economic opportunities and better services for Nigerians. Members of the committee were drawn from the private and public sectors and ministries; departments and relevant agencies are further charged to cooperate fully with the committee towards achieving their mandates.
