Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed that President Bola Tinubu will not introduce new taxes or increase current rates for Nigerians. Speaking on his X handle, Oyedele, who was appointed by the President in August, elaborated that the committee’s goal is to streamline and reduce taxes on Nigerians.
Oyedele stressed the committee’s focus on reducing taxes and levies and harmonizing revenue collection to ease the strain on individuals and businesses. He emphasized their aim to avoid taxation on investments, production, capital, and poverty, intending to overhaul major tax laws for more consistency.
Addressing the goal of achieving an 18% tax-to-GDP ratio, which aligns with the African average (excluding Nigeria), he highlighted the potential to generate revenue through technological and tax intelligence methods. He mentioned the intent to utilize government assets and natural resources better, ensuring increased revenue without introducing new tax measures.
Oyedele also clarified the committee’s expansive mandate, encompassing all governmental levels and ensuring cohesive fiscal policy changes across the board.