Tinubu inaugurates committee on tax reforms, promises to end overreliance on borrowing
President Bola Tinubu has inaugurated a committee chaired by Mr. Taiwo Oyedele to focus on fiscal policy and tax reforms, aiming to reduce reliance on borrowing for public spending.
The committee’s mandate covers fiscal governance, tax reforms, and growth facilitation, with a goal to achieve an 18% Tax-to-GDP ratio in three years.
Tinubu emphasized the importance of improving citizens’ lives and acknowledged challenges in Nigeria’s tax sector.
The committee aims to deliver quick reforms within 30 days, critical measures in six months, and full implementation within a year.
Various sectors’ accomplished individuals make up the committee, and they intend to modernize outdated laws for harmonized taxation while addressing concerns for all stakeholders.