The Presidential Committee on Fiscal Policy and Tax Reforms, led by Chairman Taiwo Oyedele, has announced that his outfit has drafted a new tax regulation awaiting lawmakers’ approval.
Addressing stakeholders at a forum organized by the Harvard Business School Association of Nigeria in Lagos, Oyedele revealed that the comprehensive tax reforms aim to amend existing laws.
The proposed changes include reducing the number of taxes in the country from about 62 to less than 10, leveraging technology to widen the tax net, and taxing wealthy Nigerians to achieve the Federal Government’s 18% Tax-GDP ratio revenue target.
Oyedele emphasized that the goal is not to increase taxes but to harmonize revenue collection, providing much-needed relief to Nigerian business operators.
Chairman Oyedele highlighted the potential for Nigeria to earn a staggering N10 trillion annually through efficient management of its non-oil assets.
Oyedele stressed the need to improve asset management, selling underperforming assets to generate liquidity, and stimulate economic growth.
He revealed that during the committee’s investigations, assets worth trillions of naira were discovered, with some even registered under companies whose shareholders reside within the country.
