Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called for lower corporate tax rates, to address regulatory overage, and refining tariff systems to stimulate investment and economic growth.
Oyedele advocated this on Wednesday during a public lecture marking part of the activities to celebrate his 50th birthday in Abuja.
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He underscored the need for an orderly tax system to avoid chaotic taxes that disproportionately impact the poor, reiterating that the tax reform measures include full income tax exemption for over 1/3 of workers, higher exemption thresholds for small businesses, and zero-rating essential consumptions.
Oyedele stressed the importance of credible data, inclusive policies, investing in people, and the need to refine the tariff system to reduce rates on raw materials and intermediate products to lower input costs.
He said, “We have priority sector incentives, boosting exports and providing tax relief to prevent public transition for Nigerian businesses operating internationally. Others are changes to income class laws to attract remote work opportunities, enabling Nigerian youths to thrive in the digital economy.
“The government should focus on doing only what the private sector will not do, and collect the least amount of tasks in doing so without compromising the required minimum quality standard. The government should be intentional regarding noninflationary spending priority and quality of spending.
“After all that is the essence of the socio- economic contracts. The people must seek first to understand because ignorance compounds vulnerability and steals opportunities; we must think independently, ask questions, engage and, most importantly, criticize constructively with the sole aim to build not to tear apart our nation”.
He highlighted the need to make policies for a strong and stable Naira, such as allowing businesses to pay taxes in Naira despite having a comparative trade balance, lamenting that the tax system in Nigeria suffers from archaic laws, complex administrative structure, low tax morale, and widespread evasion.
Furthermore, he explained the importance of prioritising inclusion and national interest over sectional self-interest in policy-making and advocated using credible data for policy decisions, rather than relying solely on popular views or sentiments.
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