President Tinubu set up committee on tax reforms

VAM News Update

NIGERIA President, Bola Tinubu has, on Tuesday, August 8, 2023, inaugurated the presidential committee on fiscal policy and tax reforms.

The inauguration ceremony was held at the State House in Abuja.

It would be recalled that in July, Dele Alake, the Special Adviser to the President on Special Duties, Communications and Strategy in a statement announced the establishment of the committee by the president.

He noted that the committee would be chaired by Taiwo Oyedele.

The committee comprises experts from both the private and public sectors and will be responsible for various aspects of tax law reforms, fiscal policy design and coordination, harmonization of taxes, and revenue administration.

Meet Taiwo Oyedele, the Chairman of Fiscal and Tax Reforms Committee

Taiwo Oyedele, has been named as the chairman of the committee The Committee will work on tax law reform, fiscal policy development and coordination, tax harmonization, and revenue administration

Mr. Oyedele, a frequent critic of the federal government’s tax policies holds the esteemed position of Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC).

The establishment of this committee aligns with President Tinubu’s commitment to eliminating obstacles that hinder business expansion in Nigeria.

This was communicated in a statement signed by Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy.

This decision aims to strengthen fiscal governance and bring about significant reforms in the realm of taxation, as stated in the official statement.

Purpose

According to the announcement, the establishment of this committee aligns with President Tinubu’s commitment to eliminating obstacles that hinder business expansion in Nigeria. The statement clarified that the committee will consist of professionals representing both the private and public sectors.

Their primary mandate will encompass diverse areas such as tax law reform, fiscal policy development and coordination, tax harmonization, and revenue administration. The committee’s formation aims to address these crucial aspects and foster an environment conducive to business growth, as stated in the official communication. In elaboration, Mr. Adelabu Zacch Adedeji, the President’s Special Adviser on Revenue, emphasized President Tinubu’s acknowledgment of the crucial role played by a robust fiscal policy framework and an efficient taxation system in ensuring the smooth operation of the government and the economy.

He said: Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next 3 years without stifling investment or economic growth. It should be noted that this committee will not only advise the government on necessary reforms, but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration.

Adedeji added that President Tinubu underscores the need for a sound fiscal policy environment and an effective taxation system in order to facilitate the overall functioning of the government and drive economic progress. What you need to know about Taiwo Oyedele At PriceWaterhouseCoopers (PwC), Oyedele holds the esteemed position of Fiscal Policy Partner and serves as the Africa Tax Leader.

He has authored notable publications, including “Insights on Taxation and Fiscal Policy,” “The Top 50 Tax Issues in Nigeria,” and the Nigeria Transfer Pricing Chapter featured in the IBFD publication.

He also actively contributes to the annual “Doing Business” report by the World Bank and the “Paying Taxes” survey conducted by PwC, which encompasses 190 economies across the globe.

Oyedele’s extensive involvement in the field of public finance and taxation includes serving as the Thematic Lead for the Public Finance & Taxation Policy Commission within the Nigerian Economic Summit Group. Additionally, he holds the position of Chairman of the Taxation & Fiscal Policy Faculty Board at the Institute of Chartered Accountants of Nigeria. Oyedele is an esteemed member of the Nigerian Taxation Standards Board, where his expertise contributes to shaping tax regulations and standards in the country. Furthermore, he is a valued member of the Ministerial Committee responsible for implementing Nigeria’s National Tax Policy.

He holds membership in the esteemed Global Tax Forum and previously served as a member of the Global Governing Council of ACCA.

He’s an alumnus of prestigious institutions such as the London School of Economics, Yale University, and Harvard Kennedy School Executive Education.

Moreover, Oyedele is the Founder and President of the Impact Africa Foundation and has taken a role as a guest lecturer at the Lagos Business School.