…Vows to end reliance on borrowing
Emeka Okoroanyanwu
President Ahmed Bola Tinubu has charged the Presidential Committee on Fiscal and Tax Reforms to improve the nation’s revenue profile and business environment even as he gave them the targets of achieving an 18 per cent tax to GDP ration by 2026.
He expressed his resolute commitment to break the vicious cycle of over reliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues.
Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr. Taiwo Oyedele, the President directed the Committee to achieve its one-year mandate, which is divided into three main areas: fiscal governance, tax reforms, and growth facilitation.
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He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.
President Tinubu told the Committee members the significance of their assignment, as his administration carries the burden of expectations from citizens who want their government to make their lives better.
”We cannot blame the people for expecting much from us. To whom much is given, much is expected. It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda.
” I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,” he declared.
Acknowledging Nigeria’s current international standing in the tax sector, the President said the nation is still facing challenges in areas such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.
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“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. Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.
“The Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” the President directed.
Chairman of the Committee, Mr. Taiwo Oyedele pledged the total commitment of members to give their best in the interest of the nation.
“Many of our existing laws are out-dated, hence they require comprehensive updates to achieve full harmonisation to address the multiplicity of taxes, and to remove the burden on the poor and vulnerable while addressing the concerns of all investors, big and small,” he said.
