₦airaland Forum

The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on Monday explained that the objective of the tax reform bills currently before the National Assembly is to fix Nigeria’s economy for shared prosperity and not to generate more money as being speculated.

Oyedele made the clarification when he was featured as one of the panellists on Channels Television’s Townhall on Tax Reforms.

In the past few weeks, the bills have pitched some state governors against the Federal Government, with the governors calling for the withdrawal of the bills to create room for more consultation.

On Sunday, Borno State Governor, Prof Babagana Zulum, also called on his colleagues and Northern stakeholders to reject the bills, insisting that they would damage the region’s economy if implemented.But Oyedele said there are many misconceptions being peddled about the bills when it was obvious many of the critics had not taken their time to properly vet them.

He said, “Our economy is underperforming. We are not growing enough, poverty is widespread and we do not have inclusive and sustainable growth, and there can’t be shared prosperity unless we address those issues. While we face a myriad of issues, the fiscal system, including taxation clearly, is one major area.If I want to summarise it, I would say that the fiscal and tax system is like the knee on the neck of our economic prosperity as a people. It is important to state that the primary objective of the reforms is not to generate more revenue. I see people get that wrong every time. It is to fix the economy in a way that there can be shared prosperity.

If your businesses are growing, expanding within and outside the shores of this country, if our individuals are earning income and thriving, then taxes will be a natural consequence of their prosperity. That is really the fundamental objective of the reforms. So, we know that the work we’re asked to do for our country is such an enormous amount of work, but critical.”

Continuing, Oyedele also explained why many felt the Presidency was in cahoots with the National Assembly on the bill.

According to him, they planned to get the reform bills sorted out within a year as Nigeria does not have to wait for four to five years to get it done, saying, “If we’re going to take all our time, we would have asked for about four or five years. We knew Nigeria had no luxury of time. We decided we should put in all our efforts to get this done within one year. We have tax laws that are very old and no longer fit for mobiles, including those we inherited from our colonial masters.

“So, we said we’ll use the opportunity of this reform to rewrite those laws so that the laws made by Nigerians for Nigeria to be able to drive our prosperity going forward. And that’s what led to the four bills that we have before the National Assembly today that have been properly summarised.

“So, for households and individuals, including our young population, these bills are looking to exempt low-income earners completely from tax, those who earn about N83,000 per month or N1 million a year.”.

VillageOracle00:
TAX REFORM

blacksam01:
So what is the essence in of the VAT jack up from 7.5% to 15%...? Also what is the need for tax ID for current account holders, if not to tax the account..?

blacksam01:
So what is the essence in of the VAT jack up from 7.5% to 15%...? Also what is the need for tax ID for current account holders, if not to tax the account..?

Taiwo Oyedele was partner at PWC and Africa Tax Leader before he was made Chairman of Presidential Committee on Fiscal Policy and Tax Reforms.

Fearurcreeator:
You want it like saner climes but dont want the sacrifice, enikure , thieves

saddler:
Please implement the laws sharp sharp.

Those parasitic people should do their worst so we can finally divide this country and let them have their Arewastan Republic.

Fearurcreeator:
You want it like saner climes but dont want the sacrifice, enikure , thieves

Fearurcreeator:
You want it like saner climes but dont want the sacrifice, enikure , thieves

blacksam01:
So what is the essence in of the VAT jack up from 7.5% to 15%...? Also what is the need for tax ID for current account holders, if not to tax the account..?

Bobloco:
Are they expecting us to believe this lie?

We were told that the removal of subsidies would fix the economy and make funds available for infrastructure. Today, the economy is wrecked, and there's no infrastructure being built.

We were also told that floating the naira would fix the economy, but the naira became worthless.

Right now, we are being told that the new tax bill will fix the economy.



Tinubu has shown time and time again that he is incompetent, clueless and cannot be trusted.

epainos:
Summary of what Oyedele said:

Every state that contributes enough revenue will begin to receive its fair share. We take oil from your states; you take more. Period. Those opposed to these bills are unwilling to work and contribute. They devised the high population as a means of continuing to take more, and it is time we put an end to it. Period.

If you are opposed to this bill and are not from the northern states, you are simply stupid. And you are an illiterate.

If you earn between N70,000 and N100,000 and oppose this bill, you are the definition of stupidity. And you will never be wise in your life again.

So, mark all those opposing the bills. Take note of comments. It could be a clue to identifying illiterates you should avoid. Some of them may bring businesses to you later...you know what to do. They will ruin any good arrangement you make because they do not understand it and do not want to try. What do you do? Mark them now and avoid them because they are both time bombs and political prey.

Fearurcreeator:
You want it like saner climes but dont want the sacrifice, enikure , thieves

blacksam01:
So what is the essence in of the VAT jack up from 7.5% to 15%...? Also what is the need for tax ID for current account holders, if not to tax the account..?

skywalker240:
Asin enh any Southerner opposing this bill is a born bastard