President Bola Tinubu has given his approval for the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms. The committee will be chaired by Mr. Taiwo Oyedele, who is the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers.
This decision comes just a day after the President signed four Executive Orders, which included the suspension of the five per cent excise tax on telecommunication services and the escalation of excise duties on locally manufactured vehicles.
The committee will consist of experts from both the private and public sectors and will be responsible for various aspects of tax law reform, fiscal policy design and coordination, tax harmonisation, and revenue administration. The main objective of the committee is to improve the efficiency of revenue collection and ensure transparent reporting.
In addition, the committee aims to promote the effective use of tax and other revenues to boost citizens’ tax morale, encourage a positive tax culture, and drive voluntary compliance.
Dele Alake, Tinubu’s Special Adviser on Special Duties, Communication and Strategy, highlighted the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.