PRESIDENTIAL TAX COMMITTEE: NIGERIA FACES N20 TRILLION TAX GAP; PLEDGES COMPREHENSIVE REFORMS

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Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has highlighted a substantial tax gap of approximately N20 trillion in Nigeria. Oyedele assured a dedicated effort from the committee to instigate comprehensive and streamlined tax reforms.

During the committee’s inauguration at the State House in Abuja, Oyedele emphasized the need to modernize outdated laws and achieve tax harmonization. He stressed the importance of addressing the burden on vulnerable citizens while catering to investors of all scales.

Responding to questions, Oyedele pointed out that Nigeria’s tax underpayment might account for the staggering N20 trillion. The committee’s mandate involves eliminating numerous taxes to promote prosperity, resulting in a more unified tax structure.

Oyedele further elucidated, “Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.”

President Bola Tinubu, during the inauguration, urged the committee to enhance revenue generation and improve the business environment. He directed the committee to accomplish a one-year mandate that encompasses fiscal governance, tax reforms, and growth facilitation.

Tinubu added, “We cannot blame the people for expecting much from us. To whom much is given, much is expected.”

The president’s goal is to break the cycle of over-reliance on borrowing for public spending, minimizing debt burdens on limited government revenues. With a strong emphasis on enhancing tax payment ease and achieving the desired Tax-to-GDP ratio, the committee is poised to transform Nigeria’s tax landscape.”

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