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Tinubu Receives ‘Quick Win Report’ On Fiscal Policy, Tax Reforms

Published

1 year ago

Oct 25, 2023.

Tinubu Receives 'Quick Win Report' On Fiscal Policy, Tax Reforms

EKO HOT BLOG reports that President Bola Tinubu has received the much-anticipated ‘Quick Win Report’ from the Committee tasked with enhancing the nation’s revenue generation and business environment.

The President’s reception of the report took place in Abuja on Tuesday.

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During a presentation made by Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, President Tinubu lauded the committee’s diligent efforts and extended his commitment to supporting the review and eventual implementation of key recommendations.

“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,” he expressed.

In a significant development, President Tinubu granted the committee’s request to address a meeting of the Federal Executive Council (FEC), where they will apprise cabinet members of their work and the anticipated outcomes aimed at fostering economic growth. To facilitate this engagement, the President entrusted Ms. Hadiza Bala Usman, the Special Adviser on Policy Coordination, with the responsibility of coordinating with relevant government officials for the session.

Mr. Zacch Adedeji, the Acting Chairman of the Federal Inland Revenue Service (FIRS), also pledged the FIRS’s commitment to implementing the recommendations of the Committee, pending the President’s approval. Furthermore, he highlighted the imperative need to diversify the nation’s sources of revenue to reduce its historical overreliance on oil, a vulnerability that has exposed the economy to fluctuations.

“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 the provision of infrastructure, healthcare, education, and social services to our growing population. Tax reforms are an integral part of a robust fiscal policy,” emphasized the Acting FIRS Chairman.

While commending the contribution of the current tax system to the nation’s revenue, Mr. Adedeji highlighted the potential for further improvements, particularly through digital technology. The FIRS is actively collaborating with the Presidential Committee to streamline tax laws, enhance voluntary compliance, and broaden the tax base to ensure equity and fairness in the taxation system.

In a series of proposals presented to the President, Mr. Oyedele, among other recommendations, called for an emergency economic intervention bill (Executive Bill) and the issuance of Presidential Executive Orders to address the redundancy of functions across the public service. These measures are intended to ensure prudent public financial management and optimize value from government assets and natural resources.

Armed forces

The receipt of the ‘Quick Win Report’ marks a crucial step in President Tinubu’s commitment to enhancing fiscal policy and tax reforms, which are seen as essential elements for Nigeria’s economic stability and prosperity.