The Presidential Committee on Fiscal Policy and Tax Reforms has officially begun operations under President Bola Tinubu.
The ceremony was inaugurated on Tuesday in Abuja.
A tax and fiscal policy expert named Taiwo Oyedele to lead the group after the president gave his approval for its formation in July.
Dele Alake, special advisor to the president on special tasks, communications, and strategy, announced the development in a statement and said the committee will include professionals from both the public and private sectors.
He said the panel would be responsible for various aspects of tax law reforms, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.
The special adviser said the committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
Speaking on the committee’s establishment, Zacchaeus Adedeji, special adviser to the president on revenue, emphasised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
He said Nigeria ranks very low on the global ease of paying taxes while the country’s tax to gross domestic product (GDP) ratio “is one of the lowest in the world and well below the African average”.
“This has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development,” he had said.
“While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative.”
