President Bola Tinubu, while speaking in Abuja on Tuesday, firmly expressed his dedication to breaking the destructive cycle of excessive dependence on borrowing for public expenditures. He highlighted the resulting strain on Nigeria’s limited government revenues due to the need for debt servicing. The occasion marked the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, with Mr. Taiwo Oyedele as its chair. The President charged the committee with enhancing the nation’s revenue profile and business environment, aiming to achieve an 18% Tax-to-GDP ratio within three years.

    Tinubu in group photo with the inaugurated tax fiscal committee at the state house


    The President’s directive encompassed the committee’s one-year mandate, divided into three core aspects: fiscal governance, tax reforms, and facilitating economic growth. He also instructed all government ministries and departments to collaborate fully with the committee in fulfilling its mandate.

    President Tinubu underscored the significance of the committee’s task, considering the weight of citizens’ expectations for a better quality of life. He acknowledged the high expectations placed upon his administration and emphasized that delivering on these promises was essential, especially given the Renewed Hope Agenda that formed the foundation of their campaign.

    Regarding Nigeria’s position in the global tax landscape, the President acknowledged existing challenges in areas such as ease of tax payment and the Tax-to-GDP ratio, which lag behind even the African continental average. The goal was articulated to reshape the tax system to support sustainable development and reach a minimum of 18% Tax-to-GDP ratio within the coming three years.

    The President urged the committee to provide a schedule of rapid reforms that could be enacted within thirty days. Crucial reform measures were expected to be recommended within six months, with full implementation targeted within a single calendar year.

    Recalling the President’s impressive history of revenue transformation, Mr. Zacchaeus Adedeji, the Special Adviser to the President on Revenue, praised the committee members drawn from diverse sectors, describing them as accomplished individuals who would contribute effectively to the nation’s interests.

    Committee Chairman, Mr. Taiwo Oyedele, pledged the unwavering commitment of all members to serve the nation’s best interests. He noted that many existing laws required comprehensive updates to harmonize the multiplicity of taxes, alleviate the burden on vulnerable populations, and address concerns of both large and small investors, while emphasizing the need to remove outdated regulations.

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