Pol Eco Analytics, an independent Nigerian think-tank and research organization, has expressed its approval for President Bola Tinubu’s establishment of the Fiscal Policy and Tax Reform Committee (FPTRC) to enact crucial changes in Nigeria’s tax reform.
In a statement released and provided to LEADERSHIP FRIDAY in Abuja, Mr. Adefolarin Olamilekan, Senior Researcher at Pol Eco Analytics, praised the timely formation of the committee, aimed at addressing the complexities resulting from over 62 government agencies and their overlapping mandates regarding tax remittances to the government….CONTINUE READING
Olamilekan remarked, “This policy stance demonstrates a patriotic commitment that deserves commendation from Nigerians. We applaud the President for translating his promises into action, as reflected in his inaugural speech on May 29th, 2023, wherein he pledged his administration’s intent to address issues related to multiple taxation complaints and the revenue shortfall challenges facing the nation.”
He further noted that the move by the Tinubu administration is undoubtedly commendable, as it tackles the problems stemming from a disjointed tax regime and historical official negligence that exacerbated tax evasion and non-compliance in Nigeria.
Olamilekan stressed the significance of the Fiscal Policy and Tax Committee (FPTRC), which is led by Taiwo Oyedele, and comprises experienced professionals and knowledgeable business experts.
He acknowledged the committee’s formidable task and the determination required to navigate the challenges ahead in achieving their set objectives.
“The committee’s focus encompasses three key aspects: fiscal governance, tax reform, and growth facilitation. Additionally, there is the President’s directive to achieve an 18% tax-to-GDP ratio within 12 months.
The ambitious agenda also seeks to elevate the current 8% GDP ratio while aiming to curtail the over N20 trillion lost to tax evasion within the economy,” Olamilekan explained.
