Chairman Presidential Tax Reforms Committee, Taiwo, said N8tn will be saved annually from government policy changes..
During a panel session at the Lagos Chamber of Commerce and Industry’s 2024 Economic Outlook and Budget Analysis, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, unveiled significant insights into the potential economic impact of the Federal Government’s policies. According to Oyedele, the removal of fuel subsidies and the unification of exchange rates could result in annual savings of N8 trillion for the government. Acknowledging the sacrifices made by Nigerians due to these policy changes, Oyedele emphasized the need for the government to purposefully utilize the funds saved to alleviate the hardships faced by the average citizen.
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The substantial savings, amounting to N8 trillion annually, present an opportunity for the government to address pressing issues, particularly the multidimensional poverty affecting over 133 million Nigerians. Oyedele urged a deliberate and transparent spending strategy, emphasizing the importance of tracking how these funds are utilized to ensure maximum positive impact. The focus should extend to areas such as multidimensional poverty, allowing for a comprehensive approach to improving the quality of life for citizens.
In the committee’s assessment of critical national issues, recommendations were made to address challenges like inflation, forex instability, and a lack of investments. Oyedele proposed the suspension of certain taxes deemed as “nuisance taxes,” which not only frustrate citizens but also fail to contribute significantly to the government treasury. This pragmatic approach aims to streamline taxation policies, making them more efficient and less burdensome for the populace.
Recognizing the potential within Nigeria’s youthful population, Oyedele stressed the urgent need to create digital opportunities. With the nation possessing the capacity to generate $20 billion annually from the technology sector, fostering digital growth becomes imperative. This aligns with the broader goal of harnessing the capabilities of Nigeria’s youth, providing them with avenues for innovation and economic participation.
As discussions on economic outlook and budget analysis continue, Oyedele’s insights underscore the importance of intentional and strategic governance. The government’s role in addressing key issues, coupled with prudent financial management, can not only stimulate economic growth but also enhance the well-being of the population. It remains crucial for policies and initiatives to be implemented with transparency, accountability, and a clear focus on positively impacting the lives of Nigerians.
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