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Just IN : Tinubu Approves Taiwo Oyedele as Chairman of Fiscal Policy and Tax Reforms Committee
President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms.
The committee according to a statement issued by Dele Alake, Special Adviser to the President on Special Duties, Communications and Strategy on Friday will be chaired by Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Mr. Taiwo Oyedele.
The statement said that setting up the committee was in consonance with President Tinubu’s promise to remove all barriers impeding business growth in Nigeria.
It explained that the committee will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
Explaining further, the Special Adviser to the President on Revenue, Mr. Adelabu Zacch Adedeji, said that President Tinubu recognizes 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 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.
”While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.
Adedeji outlined the key challenges in Nigeria’s tax system to include multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilization of tax revenue.
The establishment of this committee reflects President Tinubu’s commitment to addressing these challenges and bringing about transformative reforms in fiscal policy and taxation.
The committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
These efforts will not only improve Nigeria’s revenue profile but also create a more conducive and internationally-competitive business environment.
”Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next 3 years without stifling investment or economic growth.
”It should be noted that this committee will not only advise the government on necessary reforms, but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.
Mr. Oyedele is said to be a highly accomplished professional with extensive expertise in fiscal policy, taxation, and economic matters. He currently serves as PWC Africa tax leader.
He is the Thematic Lead for the Fiscal Policy & Planning Commission and serves as the Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG).
He chairs the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Nigerian Taxation Standards Board.
He also serves as a member of the Ministerial Committee on the implementation of Nigeria’s National Tax Policy.
He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants (ACCA).
As an educator, Oyedele holds the position of Associate Professor at the Babcock University Business School.
He is an alumnus of the London School of Economics & Political Science, Yale University and Harvard Kennedy School Executive Education. He is a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.
By Cynthia Alo To prevent collapse of the manufacturing sector, job losses and more suffering for Nigerians at the bottom of the economy ladder, world’s leading management and financial consultancy, PricewaterhouseCoopers, PwC, has called on the Federal Government to improve the tough operating environment in the country before imposing the proposed…
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2027: Tinubu Dares Obi, Atiku to Showcase Their Achievements in Office, Accuses Them of Abandoning Their Responsibilities
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President Bola Tinubu has criticised former Anambra State Governor Peter Obi and former Vice-President Atiku Abubakar over their political affiliations, questioning their leadership credentials ahead of the 2027 general elections.
Tinubu made the remarks on Friday during his visit to Akwa Ibom State, where he inaugurated projects executed by Governor Umo Eno’s administration and addressed supporters at a political gathering.
Although he did not mention either politician by name, he appeared to refer to Obi, the presidential candidate of the Nigeria Democratic Congress, and Atiku, who joined the African Democratic Congress after leaving the Peoples Democratic Party.
Referring to Obi’s tenure as Anambra governor, Tinubu accused him of failing to tackle erosion in the state, contrasting it with his own claim of confronting the Atlantic Ocean during his administration as Lagos governor.
“One, who said he is in one party they call NDC, who is running for president. He ran away from erosion. In Anambra State, he could not confront erosion.
“I, Bola Ahmed Tinubu, I confronted the Atlantic Ocean. I claim it for you. Umo Eno confronted the erosion in Akwa Ibom and is working for, he is stable,” the President said.
Tinubu also questioned the political loyalty of a former PDP member who moved to another party, in an apparent reference to Atiku’s defection to the ADC.
“If a man that was, once upon a time, was a baby of PDP, became a father of PDP. And because of a little inconvenience, he ran away from that party. And formed a dangerous ADC in another party. Is that a leadership trait? Is that a leadership character? And he wants you to vote for him?” he said.
Obi governed Anambra State between 2006 and 2014, while Atiku served as Nigeria’s Vice-President from 1999 to 2007 under the PDP.
Atiku contested the 2023 presidential election on the PDP platform, finishing second behind Tinubu, while Obi, who contested under the Labour Party, came third.
Obi left the Labour Party for the NDC in May 2026, while Atiku joined the ADC as part of opposition efforts ahead of the 2027 election.
Tinubu’s reference to Anambra’s erosion problem recalls his 2023 presidential campaign promise to tackle the menace in the state.
During a campaign rally in Awka in February 2023, the then APC presidential candidate promised to address gully erosion in Anambra, saying he would handle it in the same way he claimed to have tackled the Atlantic Ocean surge in Lagos.
“I have come here to promise you development. We will industrialise Nigeria and Anambra State. You know me, I am the city boy of Lagos; I caged the Atlantic Ocean in Lagos; the way I handled the Atlantic Ocean in Lagos, I will handle the erosion menace in Anambra State,” he said at the time.
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Ibom Deep Seaport Gets Presidential Approval as Tinubu Backs Project
President Bola Tinubu has approved the long-awaited Ibom Deep Seaport project in Akwa Ibom State.
Tinubu announced the approval on Friday while responding to a request by Governor Umo Eno during a reception and rally held in his honour at the Godswill Akpabio International Stadium, Uyo.
The President, who was in the state to inaugurate projects executed by the Eno administration, said the development must promote inclusive growth, create economic value and bring progress to the people.
“Now, development must be even inclusive and reasonable, must bring progress and create economic value. I heard from my friend, my governor, my pastor, on behalf of the people and leadership of Akwa Ibom, request for Ibom’s deep-sea port,” Tinubu said.
After repeating the request, the President asked the crowd, “Will you vote?”
He subsequently declared, “Okay, It’s approved.”
The approval followed a pledge by Eno that Akwa Ibom would deliver two million votes for Tinubu’s re-election in 2027 if the Federal Government delivered the seaport.
“Give us Ibom Deep Seaport, we will deliver two million votes. This deep seaport is capable of unlocking the economy of the state, the South-South region and Nigeria at large,” the governor said.
Eno described the seaport as the most important economic demand of the people of Akwa Ibom, saying it would transform the state’s maritime, industrial and employment landscape.
He said the people of the state had remained loyal to Tinubu since 2023 and were asking him to fulfil his promise to build the facility.
Tinubu had, during his 2023 presidential campaign rally at the same stadium, promised to build the deep seaport, citing the Lekki Deep Seaport, developed during his tenure as Lagos State governor, as an example of what he hoped to achieve in Akwa Ibom.
Eno said the project, conceived during the administration of former Governor Victor Attah as the Ibaka Deep Seaport and Industrial City, had remained unrealised for decades despite featuring in successive presidential campaigns.
“This seaport would serve as a major transhipment hub. It will create thousands of jobs for our people. It will open Akwa Ibom to international trade and investment,” he said.
The governor also said Akwa Ibom had aligned with the Federal Government by joining the All Progressives Congress to attract greater federal presence and development.
He assured Tinubu that the state would mobilise support for his re-election in 2027, saying the seaport would be a major dividend of his administration.
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JUST IN: Court Nullifies Atiku’s Candidacy, Sacks Mark-Led ADC NWC Ahead of 2027 Elections
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*Says ADC’s leadership that produced him, other candidates illegal
A Federal High Court in Abuja has nullified the process that led to former Vice President Atiku Abubakar’s emergence as the African Democratic Congress (ADC) presidential candidate for next year’s presidential election. FollowPolitics
In a judgment on Thursday, Justice Peter Lifu also voided the emergence of former Senate President David Mark, ex-Governor of Osun State Rauf Aregbesola, and others as ADC national officers.
Justice Lifu also voided the nominations of all ADC candidates for the 2027 general elections, holding that they emerged from the ADC’s illegal and unlawful leadership.
The judgment was delivered in a suit brought by an aggrieved ADC Deputy National Chairman, Nafiu Bala Gombe.
The judge upheld Gombe’s contention that David Mark and Rauf Aregbesola emerged as party leaders through an unlawful and illegal process.
Justice Lifu set aside all actions taken by the Mark-led leadership in the name of ADC, holding that they were unlawful.
Details shortly…
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