The Presidential Fiscal Policy and Tax Reforms Committee announced its plan to submit policy recommendations, including new National Tax and Borrowing Policies, to the National Assembly by the end of Q3 2024. Chaired by Taiwo Oyedele, the Committee aims to implement these policies in September, with proposed constitutional amendments set to take effect from 2025.
The Committee, inaugurated by President Bola Tinubu on August 8, 2023, has been working diligently to streamline Nigeria’s tax system and fiscal policies. Presenting a 30-day Quick Win report to President Tinubu on October 24, 2023, the Committee recommended consolidating over 200 taxes into 10 and exempting small businesses from certain tax obligations.
Despite challenges and criticisms, including concerns over the Cybersecurity Levy, Oyedele emphasized the government’s commitment to addressing issues of multiple taxation and ensuring a fair and sustainable tax system. The Committee’s engagement with stakeholders, including sub-national governments, small businesses, the private sector, and the international community, underscores its dedication to fostering cooperation and inclusivity in the reform process.