President Bola Tinubu has expressed his resolute commitment to break the vicious cycle of over reliance on borrowing for public spending.
He expressed the commitment while inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, at the presidential villa Abuja.
The Committee on Fiscal Policy and Tax Reforms would be chaired by Mr. Taiwo Oyedele.
The President charged the committee to improve the country’s revenue profile and business environment as the Federal Government moves to achieve an 18% Tax-to-GDP ratio within three years.
President Tinubu directed the Committee to achieve its one-year mandate, which is divided into three main areas: fiscal governance, tax reforms, and growth facilitation.
He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.
President Tinubu told the Committee members the significance of their assignment, as his administration carries the burden of expectations from citizens who want their government to make their lives better.
Acknowledging Nigeria’s current international standing in the tax sector, the President said the nation was still facing challenges in areas such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.
Chairman of the Committee, Mr. Taiwo Oyedele pledged the total commitment of members to give their best in the interest of the nation.
Recounting the President’s sterling track record on revenue transformation, the Special Adviser to the President on Revenue, Mr. Zacchaeus Adedeji described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.
Bello Wakili
