President Bola Tinubu has expressed his commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of government revenues.
Tinubu, who made the vow while inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms chaired by Taiwo Oyedele at the Presidential Villa in Abuja on Tuesday, August 8, 2023, charged the committee to improve the country’s revenue profile and business environment as the Federal Government moves to achieve an 18 per cent Tax-to-GDP ratio within three years.
The president directed the committee to achieve its one-year mandate, which is divided into three main areas – fiscal governance, tax reforms, and growth facilitation.
He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.
President Tinubu told the committee members the significance of their assignment, as his administration carries the burden of expectations from citizens who want their government to make their lives better.
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.”
Acknowledging Nigeria’s current international standing in the tax sector, the president said the nation is still facing challenges in areas such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.
READ ALSO: Tinubu inaugurates committee on tax reforms
He added: “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 can not 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.”
Recounting the president’s track record on revenue transformation, the Special Adviser to the President on Revenue, Zacchaeus Adedeji, described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.
“Mr. President, you have the pedigree when it comes to revenue transformation. You demonstrated this when you were the Governor of Lagos State over 20 years ago,” Adedeji said.
On his part, the chairman of the committee, Oyedele pledged the commitment of members to give their best in the interest of the nation.
- Banks, others raise N2.7trn via rights, public issuance - November 25, 2024
- Champions League: Real Madrid’s Vinicius out of Liverpool clash - November 25, 2024
- FG asks universities to establish sexual assault referral centres - November 25, 2024
