• News - North Central - FCT
  • Updated: May 28, 2024

FG mulls national tax, fiscal policy overhaul

FG mulls national tax, fiscal policy overhaul

The Federal Government is contemplating a strategy to introduce fresh nationwide tax, expenditure, and borrowing strategies for the nation. 

This revelation came through a statement posted by Ade Adefeko, a member of the presidential fiscal policy and tax reforms committee, on his LinkedIn page on Monday.

“A new plan to revolutionise Nigeria’s Tax system is to introduce a new National Tax Policy, Spending Policy and Borrowing Policy to make us more efficient and effective in Tax administration,” he revealed.

Adefeko stated that once enforced, the policy will enhance the government's efficiency and effectiveness in tax administration.

Outlining the Committee’s work, which was in three phases: Quick Wins, Recommendations, Critical Reforms, and Implementation, Adefeko said, “I am happy to announce that under the able leadership of our chairman, Taiwo Oyedele, we concluded the last two phases in the last few weeks, and we hope to transition to the implementation phase after our recommendations are accepted.”

He said the sessions were intensive and deliberate, adding that the committee is seeking “to ease the tax burden on poor Nigerians, reducing the plethora of taxes paid currently to single digit.”

He said the committee, which was inaugurated by the president on August 8, 2023, had “terms of reference covering three broad areas: fiscal governance, revenue transformation, and lastly fiscal competitiveness and economic growth facilitation.”

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