The National Economic Council NEC, says the Presidential Reform Committee led by Mr Taiwo Oyedele, is to come up with draft bills for constitutional amendments on fiscal matters.
The Council says the aim is to promote fiscal federalism in Nigeria.
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Addressing State House Correspondents after the September Council meeting, the Accountant General of the Federation, Dr Mrs Oluwatoyin Madein said the task was part of the resolution of NEC to tackle some of the key challenges facing Nigeria’s fiscal and tax system.
Dr. Madein also said that the council resolved that the committee should also build a national fiscal framework for efficient fiscal governance, fiscal consolidation and stability .
She added that the target is to achieve an enhanced revenue administration system that would improve revenue mobilisation and a robust framework for tax revenue accounting and reporting.
“The council also resolved that the Presidential committee on tax reform should establish National office of tax Ombudsman fiscal policy and tax simplification, we believe these will improve taxpayers trust”
The council further commended the commitment of the Chairman of the tax reform committee Mr Taiwo and his members.
According to Dr. Madein, Mr Oyedele also recognized the Multiplicity of taxes and multiple revenue collection agencies as well as weak coordination between fiscal and other economic policies within and across tiers of government as other crucial problems facing tax system in Nigeria
Earlier the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele made a presentation to the council chaired by Vice President, Kashim Shettima, identifying fiscal challenges with respect to Revenue mobilisation and Quality of spending & Sustainable Debt management as major problems confronting Nigeria’s fiscal and tax system.
Recall that President Bola Ahmed Tinubu approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms on the 7th of July to review and redesign Nigeria’s fiscal system with respect to making Nigeria an attractive designation for investment and facilitating economic inclusive growth.
