…says without revenue, government cannot deliver
By Udesinanna Stephen
As an attempt to break the cycle of borrowing for public spending, resulting in debt burdens, President Bola Tinubu has reinstated his commitment to “transform the tax system to support sustainable development.”
The President reinstated his commitment while inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja.
As obtained from the Twitter handle of the Office, Secretary to the government of the Federation @OfficialOSGF, Tinubu charged the Committee chaired by Mr Taiwo Oyedele to improve the country’s revenue profile and business environment with a target of 18% Tax-to-GDP ratio within three years.
He said, “Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.
”Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.
”The Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” the President directed.
Emphasising the significance of the tax Committee, Tinubu said, ”We cannot blame the people for expecting much from us. To whom much is given, much is expected.
”It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,” he declared.
Also speaking at the inauguration is the Special Adviser to the President on Revenue, Mr. Zacchaeus Adedeji, who described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.
Also, the Chairman of the Committee, Mr. Taiwo Oyedele, said, “Many of our existing laws are outdated, hence they require comprehensive updates to achieve full harmonisation to address the multiplicity of taxes, and to remove the burden on the poor and vulnerable while addressing the concerns of all investors, big and small.”