The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has been making headlines in traditional and social media ever since President Bola Tinubu's tax reform bill passed its second reading in the Senate late last week.
The bill has sparked mixed reactions, with experts expressing differing opinions since its introduction. Some believe the bill will help boost Nigeria's current sluggish growth and promote development.
On the other hand, there is significant opposition to the bills, particularly from the North, who fear potential revenue cuts in the region. Despite this, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, argues that the bills have been carefully crafted to generate necessary revenue, promote fairness, and alleviate the burden on the poor and vulnerable.
In a post on X, he once again made a case for why the bill should be embraced by all Nigerians. Referring to it as "the people's tax bill," he emphasized that the bills aim to drive economic transformation, empower Nigerians, and facilitate inclusive economic growth.
The bill under the tax reform bills are:
1) Nigeria Tax Bill - harmonizes all the major taxes such as corporate income tax, personal income tax, VAT etc
2) Nigeria Tax Administration Bill - provides a framework for tax management covering taxpayer identification, registration, assessment, collection, enforcement, etc
3) Nigeria Revenue Service (Establishment) Bill - seeks to replace the FIRS with the NRS to perform a broader role of revenue administration in Nigeria and drive collaboration with subnational governments and MDAs.
4) Joint Revenue Board (Establishment) Bill - to transform the JTB to JRB with an expanded mandate and enhanced role for cooperation and tax harmonisation. The bill also sets up the office of the tax ombudsman to protect taxpayers and advocate for tax simplification.
According to him, "the bills offer a comprehensive overhaul of the nation’s tax framework to drive economic growth, support Nigerian households, and position the country as a competitive economy within the comity of nations. These reforms reflect a commitment to equity, efficiency, and sustainable development."
THE PEOPLE’S TAX BILLS
— Taiwo Oyedele (@taiwoyedele) December 3, 2024
The tax reform bills before the National Assembly are aimed at economic transformation to empower Nigerians and facilitate inclusive economic growth.
The bills are: the -
1) Nigeria Tax Bill - harmonises all the major taxes such as corporate income tax,…
