The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has said it is considering expanding income tax exemptions among other measures to cushion hardship on low income earners.

Oyedele said this during a dinner organised for him by the Association of Chartered Certified Accountants, in Lagos to celebrate his appointment.

He said, “We aim to reduce the burden on individuals and establish a structure for accountability, transparency, and prudent utilisation of taxes. Simultaneously, our concentration will be on achieving Sustainable Development Goals such as eradicating hunger, ensuring clean water access, promoting employment, improving quality of life, and more.

“Our mandate is divided into three distinct milestones. The first to be accomplished within the initial 30 days, focuses on achieving quick wins, immediate actions and decisions that can be implemented without altering existing laws. We are exploring options such as potentially removing VAT from diesel to reduce costs, expanding income tax exemptions, and similar measures to relieve people.”

Congratulating him on his appointment, the Chairperson of the Nigerian Advisory Committee of ACCA, and the Chief Client Officer of AXA Mansard Insurance, Rashidat Adebisi, said, Taiwo has a high level of competence and character.

While speaking on the challenge of revenue and taxation in the country, she said the administration must improve the system.

According to her, “Oyedele’s sensitivity to public sentiment, coupled with his tax expertise, promises beneficial outcomes for both the nation and its people.

“We can generate more revenue within increasing taxes, we are all clamouring for simplification of taxation as well, to prevent double taxes and also Nigerians want to see their taxes in action and been deployed appropriately because these are very tough times.”