₦airaland Forum

The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has described the period before the removal of the petrol subsidy in Nigeria as one characterized by “window-dressed realities.”

Speaking at The Platform, an annual event organized by Covenant Nation in Lagos, Oyedele outlined how previous subsidy regimes perpetuated economic distortions that gave Nigerians a false sense of financial stability.

Oyedele argued that while subsidies made fuel, electricity, and other essentials appear affordable, they masked the unsustainable fiscal realities underpinning the Nigerian economy.
“Removing subsidies is the best decision we made as a country. And we can now say that for once, the subsidy is gone,” Oyedele stated.

“We were living in window-dressed realities. If you look back to about two years ago, the naira exchange rate was N450 depending on who you asked. But was our exchange rate really N450? If you wanted to buy petrol, it was under N200 per litre, but was it really under N200 per litre?”

He criticized the pre-subsidy removal era, describing it as “window-dressed realities.” Oyedele explained that while fuel prices were officially under N200 per litre, the actual cost—factoring in government spending on subsidies—was much higher. Similarly, exchange rates and electricity tariffs did not reflect their true economic values, further exacerbating fiscal imbalances.

“A country can afford to sell petrol at N200 per litre if you can afford it. But there is everything wrong if you cannot afford it,” he remarked, likening the situation to a parent enrolling their child in a school they cannot sustain financially.

Economic Consequences
Oyedele highlighted that Nigeria’s financial dependence on debt to fund subsidies and other expenditures placed the country in a precarious position.

“Nigeria used all its revenue to service debts. We were not paying back our debts; we were just servicing them. Everything else we did, from paying salaries to fighting Boko Haram, we were just borrowing. When Nigeria borrowed, we borrowed at high digits, and those were the funds we were using to run the economy and service debts,” he said.

He warned that the outcome of these policies was predictable, comparing Nigeria’s trajectory to the economic crises experienced in Sri Lanka and Venezuela.

“In Sri Lanka, you would hold money and not be able to get fuel. There was a rule that you couldn’t drive your car every day of the week because there was no fuel,” Oyedele recounted.

GDP Growth and Fiscal Realities
Oyedele also debunked the notion of Nigeria’s economic strength, pointing out that the country’s real GDP growth over the past decade was less than 10%, effectively negative when adjusted for inflation.

“Our GDP growth rate was very low – over the past 10 years, less than 10%. If you do it in real-time, it is negative,” he explained.

He also noted that Nigeria’s reported GDP of $450 billion and per capita income of $2,000 were inflated perceptions that did not align with the actual fiscal realities.

The Role of Tax Reforms
Looking ahead, Oyedele emphasized the critical importance of tax reforms in stabilizing the Nigerian economy. He revealed that the Presidential Committee on Fiscal Policy and Tax Reforms is pushing for the approval of tax reform bills by 2025, with plans for phased implementation beginning in mid-2025.

“Our expectation is before the end of Q1, and therefore, we can give notice to taxpayers to prepare themselves with capacity and begin to implement around July 1,” he said

Bullet4thiefnub:
Suddenly they realized this , same anti subsidy removal rioters during GEJ era

Ojuntana:
First of all, it is deeply concerning the change in rhetoric that occurs when the teeth of otherwise intelligent and resourceful professional are set on corn. The kind of gibberish that starts to flow is a sign that the corn being offered on a platter is indeed of the fermented stock. It intoxicates the gobbler with a resultant effect that's comparable with that of the famed 40 year whiskey.

That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities. This is more so when the people who make these kind of condescending statements are those who have benefited maximally from the society and have not ploughed back what can be said to be commensurate with what they've accrued for themselves from the proverbial cake.

Imagine a situation where a man who after enjoying the benefits of the high office of governor, and while leaving office makes a law that enables him to continue to enjoy the perks of that same office perpetually as if he were still an occupant.

Not only that, choice properties are allocated to him by him. He then turns around to accuse others of living a fake life.

Ditto this particular case as well. A man who was called to rewrite tax laws which will ensure more money goes to the political elites to fund their excesses and lifestyle both in and out of office turns round to accuse others of window dressing their realities.

I make bold to say Nigerians are among the most deprived yet hopeful and hardworking on the surface of the earth.

The average Nigerian has no social infrastructure or welfare system to fall back on in time of crisis save for a strong family structure.

The average Nigerian farmer works with the least of tools. Yet he's been asked to produce crops to feed the populace and export as well.

The average mechanic works with the basic of tools.
Yet he's expected to drive innovation in technology.

Same for the average carpenter bricklayer, tailor etc. No program to empower such hardworking Nigerians exist.

Rather, they are dumped on the lowest rung of the ladder and left alone to climb or drown while getting talked down on if they ask for a reprieve.

The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.

One day na one day sha

Ojuntana:
First of all, it is deeply concerning the change in rhetoric that occurs when the teeth of otherwise intelligent and resourceful professional are set on corn. The kind of gibberish that starts to flow is a sign that the corn being offered on a platter is indeed of the fermented stock. It intoxicates the gobbler with a resultant effect that's comparable with that of the famed 40 year whiskey.

That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities. This is more so when the people who make these kind of condescending statements are those who have benefited maximally from the society and have not ploughed back what can be said to be commensurate with what they've accrued for themselves from the proverbial cake.

Imagine a situation where a man who after enjoying the benefits of the high office of governor, and while leaving office makes a law that enables him to continue to enjoy the perks of that same office perpetually as if he were still an occupant.

Not only that, choice properties are allocated to him by him. He then turns around to accuse others of living a fake life.

Ditto this particular case as well. A man who was called to rewrite tax laws which will ensure more money goes to the political elites to fund their excesses and lifestyle both in and out of office turns round to accuse others of window dressing their realities.

I make bold to say Nigerians are among the most deprived yet hopeful and hardworking on the surface of the earth.

The average Nigerian has no social infrastructure or welfare system to fall back on in time of crisis save for a strong family structure.

The average Nigerian farmer works with the least of tools. Yet he's been asked to produce crops to feed the populace and export as well.

The average mechanic works with the basic of tools.
Yet he's expected to drive innovation in technology.

Same for the average carpenter bricklayer, tailor etc. No program to empower such hardworking Nigerians exist.

Rather, they are dumped on the lowest rung of the ladder and left alone to climb or drown while getting talked down on if they ask for a reprieve.

The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.

One day na one day sha

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu

Wailers are allowed to gnash their teeth. Its a fundamental human right

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu

Wailers are allowed to gnash their teeth. Its a fundamental human right

Ojuntana:
First of all, it is deeply concerning the change in rhetoric that occurs when the teeth of otherwise intelligent and resourceful professional are set on corn. The kind of gibberish that starts to flow is a sign that the corn being offered on a platter is indeed of the fermented stock. It intoxicates the gobbler with a resultant effect that's comparable with that of the famed 40 year whiskey.

That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities. This is more so when the people who make these kind of condescending statements are those who have benefited maximally from the society and have not ploughed back what can be said to be commensurate with what they've accrued for themselves from the proverbial cake.

Imagine a situation where a man who after enjoying the benefits of the high office of governor, and while leaving office makes a law that enables him to continue to enjoy the perks of that same office perpetually as if he were still an occupant.

Not only that, choice properties are allocated to him by him. He then turns around to accuse others of living a fake life.

Ditto this particular case as well. A man who was called to rewrite tax laws which will ensure more money goes to the political elites to fund their excesses and lifestyle both in and out of office turns round to accuse others of window dressing their realities.

I make bold to say Nigerians are among the most deprived yet hopeful and hardworking on the surface of the earth.

The average Nigerian has no social infrastructure or welfare system to fall back on in time of crisis save for a strong family structure.

The average Nigerian farmer works with the least of tools. Yet he's been asked to produce crops to feed the populace and export as well.

The average mechanic works with the basic of tools.
Yet he's expected to drive innovation in technology.

Same for the average carpenter bricklayer, tailor etc. No program to empower such hardworking Nigerians exist.

Rather, they are dumped on the lowest rung of the ladder and left alone to climb or drown while getting talked down on if they ask for a reprieve.

The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.

One day na one day sha

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu

Wailers are allowed to gnash their teeth. Its a fundamental human right

CountinBlessins:
EXACTLY!!!!

LET ME GO ONE FURTHER AND BE BOLD, the Yoruba HAVE RUINED THIS COUNTRY. check HISTORY, ONE TRIBE , i mean just one tribe has ever always supported every corrupt, draconian dictator!! From Abacha to Shagari etc they all had Yoruba henchmen. Every corrupt and evil leader Nigeria has ever had has always had Yoruba backers, assistants and Yoruba advisors.

The one tribe that if Nigeria must progress should be removed are the Yoruba. Do this and watch Nigeria get better. i would have said the akpu munchers too but we can manage those ones easily but not the Yoruba.

If Nigeria must progress the Yoruba must be removed from Nigeria. Until we all unite and face this reality we will not make progress. They fought against GEJ, they fought against Yar Adua, they fought against Geringory Obi.

Yoruba support only bad leaders who loot us. No more time to be politically correct! Yoruba tribe are the cause of all Nigeria's probs

Ojuntana:
First of all, it is deeply concerning the change in rhetoric that occurs when the teeth of otherwise intelligent and resourceful professional are set on corn. The kind of gibberish that starts to flow is a sign that the corn being offered on a platter is indeed of the fermented stock. It intoxicates the gobbler with a resultant effect that's comparable with that of the famed 40 year whiskey.

That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities. This is more so when the people who make these kind of condescending statements are those who have benefited maximally from the society and have not ploughed back what can be said to be commensurate with what they've accrued for themselves from the proverbial cake.

Imagine a situation where a man who after enjoying the benefits of the high office of governor, and while leaving office makes a law that enables him to continue to enjoy the perks of that same office perpetually as if he were still an occupant.

Not only that, choice properties are allocated to him by him. He then turns around to accuse others of living a fake life.

Ditto this particular case as well. A man who was called to rewrite tax laws which will ensure more money goes to the political elites to fund their excesses and lifestyle both in and out of office turns round to accuse others of window dressing their realities.

I make bold to say Nigerians are among the most deprived yet hopeful and hardworking on the surface of the earth.

The average Nigerian has no social infrastructure or welfare system to fall back on in time of crisis save for a strong family structure.

The average Nigerian farmer works with the least of tools. Yet he's been asked to produce crops to feed the populace and export as well.

The average mechanic works with the basic of tools.
Yet he's expected to drive innovation in technology.

Same for the average carpenter bricklayer, tailor etc. No program to empower such hardworking Nigerians exist.

Rather, they are dumped on the lowest rung of the ladder and left alone to climb or drown while getting talked down on if they ask for a reprieve.

The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.

One day na one day sha

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu

Wailers are allowed to gnash their teeth. Its a fundamental human right

Ojuntana:
That said, I find it insulting to Nigerians and their hardwork and intelligence when people make this silly narratives of fake life or window-dressed realities.
One day na one day sha

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu
Wailers are allowed to gnash their teeth. Its a fundamental human right

EmperorCaesar:
Thats not the point. This is 2025,not 2012

Hes spoken well

PBAT sure surrounds himself with brilliant mind , why wouldnt he succeed?

A new Nigeria is born under Tinubu

Wailers are allowed to gnash their teeth. Its a fundamental human right

Ojuntana:
The UK spends 25% of its budget on social welfare and infrastructure. In countries like Saudi which are oil producing like Nigeria, home ownership is a right.

Shall we speak of countries like Norway where unemployment benefits sometimes exceed employment income for the citizens.

Nigerian leaders and elites are among the most corrupt and wasteful in the world. Yet, they hardly take responsibility for how the country has turned out on their watch. They are a bunch of greedy taskmasters who believe in being unquestionable and unquestioned.
One day na one day sha