President Tinubu Receives ‘Quick Win Report’ On Fiscal Policy, Tax Reforms
President Bola Tinubu has received the ‘Quick Win Report’ on fiscal policy and tax reforms from the Presidential Committee on Fiscal Policy and Tax Reforms.
This was disclosed by his Special Adviser on Media and Publicity in a statement on Tuesday.
The Committee was tasked with improving Nigeria’s revenue profile and business environment.
The report was presented by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms Mr. Taiwo Oyedele.
According to the statement, the presentation was made after President Tinubu granted the request of the Committee to address a meeting of the Federal Executive Council (FEC) and brief cabinet members about their work and expected outcomes to facilitate economic growth.
The President therefore directed the Special Adviser on Policy Coordination, Ms. Hadiza Bala Usman, to coordinate with the relevant government officials for the session.
During the presentation, Mr. Oyedele, called for an emergency economic intervention bill (Executive Bill) and the issuance of Presidential Executive Orders to address the duplication of functions across the public service.
He also urged the President to ensure prudent public financial management in a bid to optimize value from government assets and natural resources.
Speaking, the Acting Chairman, Federal Inland Revenue Service (FIRS) Mr. Zach Adedeji declared that beyond supporting the fiscal and tax reforms, the agency will explore opportunities to diversify the nation’s revenue sources, as overreliance on oil has made the economy vulnerable.
He said, ”Nigeria’s fiscal policy serves as the foundation of economic stability. It dictates how the government collects, manages and allocates resources for the betterment of our people.
“A well-developed fiscal policy is crucial for provision of infrastructure, healthcare, education and social services to our growing population. Tax reforms are an integral part of a robust fiscal policy.
”While our current tax system has contributed significantly to our revenue, there remains room for further enhancement; enhancement that can be driven with digital technology.
“To achieve this, we are collaborating with the Presidential Committee to streamline our tax laws, improve voluntary compliance, and expand the tax base to ensure equity and fairness”.
After the presentation, President Tinubu commended the committee for their work and assured them of his support for the review and implementation of key recommendations.
He said, ”I have listened attentively to your report. Charting the critical path forward for Nigeria’s economic recovery is crucial to all of us. I want to say thank you to your delegation*.
