The Bola Tinubu administration is considering a comprehensive plan to implement new national tax, spending, and borrowing policies for Nigeria.
This development was disclosed by Ade Adefeko, a member of the Presidential Fiscal Policy and Tax Reforms Committee, in a statement shared on his LinkedIn page on Monday.
“A new plan to revolutionise Nigeria’s Tax system is to introduce a new National Tax Policy, Spending Policy and Borrowing Policy to make us more efficient and effective in Tax administration,” he revealed.
According to Mr. Adefeko, the policy, when implemented, will enhance the government’s efficiency and effectiveness in tax administration.
Mr. Adefeko outlined the Committee’s work, which is divided into three phases: Quick Wins, Recommendations, and Critical Reforms and Implementation.
He stated, “I am happy to announce that under the able leadership of our chairman, Taiwo Oyedele, we concluded the last two phases in the last few weeks, and we hope to transition to the implementation phase after our recommendations are accepted.”
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He described the sessions as intensive and deliberate, noting that the committee aims “to ease the tax burden on poor Nigerians, reducing the plethora of taxes paid currently to single digits.”
The committee, inaugurated by tinubu on August 8, 2023, has a broad mandate encompassing three areas: fiscal governance, revenue transformation, and fiscal competitiveness and economic growth facilitation.
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