Chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele, says the federal government should begin the execution of the tax reforms in March 2024.
Speaking in a recent interview on Channels Television, Oyedele said his team is
planning to involve all stakeholders in implementation — including louts popularly called “Area Boys”. He said the area boys can be trained and paid decent salaries so that they can forsake their old ways.
In October 2023, the committee presented a ‘quick win’ report which contained 20 recommendations. President Bola Tinubu, upon receiving the document, directed an immediate implementation of the recommendations.
Providing updates, Oyedele said about three reforms have been fully implemented, adding that the remaining ones are in different stages of implementation. “The biggest instrument to implement our recommendation is the Emergency Economic Intervention Bill that we came up with, trying to amend about 15 different laws and implement some very important changes that will help with price stability in terms of inflation. It will help also in terms of costs that will help in terms of providing relief to the right people who are most impacted.
I know that’s the purview of the Central Bank but we also think it’s an area where we can work together between the monitoring of fiscal authorities and also even align with trade policies. So, those are different stages.”
Oyedele further said the execution is being delayed by the national assembly, noting that when the bill gets signed, “latest by March, we should see these things come out, fingers crossed”.
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