In a bold move to reshape Nigeria’s fiscal landscape, President Bola Tinubu has directed the immediate implementation of comprehensive fiscal policy and tax reforms. This directive comes on the heels of a report highlighting ‘quick-win achievements’ in this critical area.

Tax reforms have long been on the agenda for Nigeria’s economic transformation, and President Tinubu is taking the lead to ensure they become a reality. At the core of these reforms is a commitment to tax the fruit, not the seed – a metaphorical approach that prioritizes sustainable economic growth and the welfare of the citizens.

A Presidential Committee on Fiscal Policy and Tax Reforms

To kickstart this ambitious journey, President Tinubu approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms. The committee, chaired by Taiwo Oyedele, is tasked with enhancing revenue collection efficiency, ensuring transparent reporting, and promoting the effective utilization of tax and other revenues.

The primary objectives of the committee are clear: boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance. These measures are seen as pivotal for Nigeria’s economic prosperity and the welfare of its citizens.

Immediate Implementation Across All Government Departments

In a recent meeting with the committee, President Tinubu directed his advisors and government officials to swiftly and immediately implement the recommendations across all ministries, departments, and agencies of the federal government. This directive aims to create synergy and ensure that every institution aligns with the reform agenda.

The President also emphasized the need for a comprehensive approach. He wants the recommendations of the tax policy review committee to become a topmost priority at the next Federal Executive Council (FEC) meeting. President Tinubu is dedicated to ensuring that tax authorities do not burden the most vulnerable segments of the population.

A Focus on Expanding the Tax Net

President Tinubu underlined the importance of expanding the tax net while minimizing the impact on the most vulnerable. The ultimate goal is to reach the 18% tax to Gross Domestic Product (GDP) threshold, a target set by President Tinubu himself.

The President’s vision is clear: to provide the best possible public service to citizens by creating a robust and equitable tax system. This vision includes an expanded tax net that does not unduly burden the most vulnerable and maintains the balance in levies on industries of various scales.

The reforms President Tinubu is pushing for are ambitious, but they hold the potential to transform Nigeria’s fiscal landscape and ensure that the tax system serves as a catalyst for economic growth and development.

As Nigeria embarks on this transformative journey, the focus remains on ensuring that tax authorities tax the fruit, not the seed, and that every citizen benefits from a stronger and more sustainable economy. With President Tinubu’s commitment and the collaborative efforts of government departments, these tax reforms are poised to make a lasting impact.

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