President Bola Tinubu emphasized his unwavering dedication to breaking the cycle of excessive reliance on borrowing for public expenditures and the resulting burden of servicing debt, which strains Nigeria's limited government revenues. During the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr. Taiwo Oyedele, President Tinubu urged the committee to enhance the nation's revenue profile and business environment. This effort aligns with the government's goal of achieving an 18% Tax-to-GDP ratio within three years.

The President outlined a one-year mandate for the Committee, divided into three key areas: fiscal governance, tax reforms, and growth facilitation. He directed all government ministries and departments to collaborate fully with the committee to achieve their objectives.

President Tinubu underscored the significance of the committee's task, given the high expectations citizens have for their government to improve their lives. He acknowledged Nigeria's current tax sector status, pointing out challenges such as ease of tax payment and the Tax-to-GDP ratio lagging behind the continental average.

The President stated, "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." He stressed that revenue is essential for the government to provide adequate social services.

The Committee's responsibilities include delivering a schedule of quick reforms for implementation within thirty days, recommending critical reform measures within six months, and ensuring full implementation within one calendar year.

Acknowledging the President's track record in revenue transformation, Mr. Zacchaeus Adedeji, Special Adviser to the President on Revenue, praised the committee members as accomplished individuals from various sectors.

Mr. Taiwo Oyedele, Chairman of the Committee, expressed the commitment of the members to contribute their best for the nation's benefit. He highlighted the need for comprehensive updates to outdated laws, aiming to harmonize taxes and alleviate burdens on the vulnerable while addressing investors' concerns.

This press release is distributed by APO Group on behalf of The State House, Abuja.