A Nigerian independent think-tank and research organisation, Pol Eco Analytics, has commended President Bola Tinubu for inaugurating the Fiscal Policy and Tax Reform Committee (FPTRC), to introduce desired changes in Nigeria’s tax reform.
A statement signed and made available to LEADERSHIP FRIDAY, yesterday in Abuja by the senior researcher, Pol Eco Analytics, Mr Adefolarin Olamilekan, said the committee is timely constituted to find lasting solution to the excesses of over 62 government agencies and confusion over their mandates on tax remittance to government.
He said, “ This is a patriotic policy stand Nigerians must commend. We commend the president for working the talk as captured in his swearing -in speech on May 29th 2023, that his government is going to take action with regards to multiple taxation complaints and challenges of revenue shortfalls affecting the nation.
“This is no doubt, a laudable move by the Tinubu administration to tackle problems of disarticulated tax regime, and official negligence of yester years that worsened the case of tax evasion and non-compliance in Nigeria.”
Olamilekan said there’s no gain saying the fact that the coming of the Fiscal Policy and Tax Committee (FPTRC), chaired by Taiwo Oyedele, is a composition of seasoned professionals and vast business experts, saddled with this national task.
“It demands demonstration of unwavering determination and commitments in the midst of many difficulties they would face, in achieving the set goals, before them.
“That includes a three-point focus namely; fiscal governance; tax reform; and growth facilitation. In addition is the President’s mandate of ensuring a target of 18% tax to GDP ratio in 12 months.
“There’s also an ambitious agenda of moving away from the current 8% to GDP ratio, as well as seeming objective to block and bring into government purse the over N20 trillion lost to tax evasion in the economy.”
He said Pol Eco Analytics acknowledged the fact that the nation deserved such a committee at this time of our national life, as no serious nation can underestimate the importance of fiscal measures and tax administration, especially with the prevailing global economic crunch, of which Nigeria is not spared going by her dwindling economic situation.
“We applaud this present scenario where we are taking a break from what used to be the norm, where successive governments in the past inaugurated committees in this manner as a means of compensating their political associates, friends and cronies.
“For us as an organization and a stakeholder in the Nigeria economy and development project, we believe that the Taiwo Oyedele-led Fiscal Policy and Tax Committee (FPTRC), have its mandate cut out, in ensuring we have a suitable fiscal regime and tax instruments of international best practices and business friendly at the same time to boost government revenues.”
The group emphasised the need for the committee to be transparent, build confidence of all stakeholders and avoid politicisation of its activities.
The senior researcher also advised the committee to align on how best to detoxify the tax environment; ridding it of mutual mistrust, negative tax morale, and tax evasion, effective taxpayer, open engagement and stakeholders dialogue, amongst others.
The organisation urged Tinubu’s government to make its ‘Renewed Hope’ agenda a reality for Nigerians, by making the various economic reforms introduced so far, people- oriented and implementable.
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