• Contact Us
  • About Us
Sunday, June 1, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

New Tax Administration Coming As Tinubu Orders Full Implementation Of Committee’s ‘Quick Win’ Report

metro by metro
October 25, 2023
in Economy
0
Forex Market Volatility Puts Rates Unification Policy under Scrutiny, Tinubu, summons CBN Gov
0
SHARES
0
VIEWS

 

Respites may be coming the way of private sector operatives who have been under the burden of multiple taxation following directive by President Bola Tinubu that the recommendations by the Presidential Fiscal Policy and Tax Reform Committee be implemented by all Ministries, Departments and Agencies (MDAs) of the federal government.

Read Also

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

Moody’s Upgrades Nigeria’s Rating To ‘B3’ On External Fiscal Positions

Subsidy,  FX Windows  Strangled Nigeria’s Future, Says Tinubu At Midterm 

Besides, the economy may witness improved revenue as part of the recommendation was blocking of loopholes and ensuring effective tax administration by taxing appropriate people and institutions as well as widening the dragnet.

Despite the shortcomings of the existing policy that taxes both the ‘seed and the fruits’ in some instances, Nigeria’s current tax-to-GDP ratio stands at 10.86 percent and is considered to be below Africa’s average.

Tinubu’s directive followed the submission of the committee’s report on ‘quick-win’ achievements by its chairman, Taiwo Oyedele, at the State House in Abuja.

In a statement to the press following the meeting, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the president had directed his Adviser on Policy Coordination, Hadiza Bala Usman, to liaise with the Secretary to the Government of the Federation (SGF) and Oyedele to give effect to the directive.

He explained that the order to fully implement the recommendations throughout government institutions aims to guarantee a cohesive and seamless implementation process.

Additionally, he revealed that the President is committed to prioritizing the presentation of these recommendations during the next Federal Executive Council (FEC) meeting scheduled for the upcoming Monday.

He said, “After listening to a presentation by the committee chairman, the President directed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, to liaise with the Secretary to the Government of the Federation and the Chairman of the Tax Policy Review Committee to ensure that the recommendations of the committee are swiftly and immediately implemented across all ministries, departments, and agencies of the federal government to ensure that there is effective synergy and to ensure that every institution of the federal government is on the same page with respect to how tax policy will be implemented.
“Henceforth, His Excellency Mr. President has also made available an opportunity for the recommendations of the tax policy review committee to be made a top priority at the next sitting of the Federal Executive Council meeting on Monday. Mr. President will continue to emphasise the importance of ensuring that our tax authorities are not taxing the seed but are taxing the fruit and that will continue to be the focus.”

ALSO READ :Fuel Queues: NNPC Cautions Against Panic Buying, Confirms 30-Day Sufficiency

In July, President Tinubu appointed Taiwo Oyedele to chair the Presidential committee on fiscal policy and Tax reforms.

The committee was made up of officials from the public and private sectors as well as civil society groups and students.

The mandate of the committee was to fine-tune the country’s fiscal policy, tax laws, regulations and harmonisation of tax collection. The goals were to achieve an appreciable tax-to-GDP ratio of 18%, reduce multiple taxation, and tax evasion, and foster a healthy tax culture.

 

 

Previous Post

Dubai Business Forum set to unlock new trade and investment opportunities between Africa and the Middle East

Next Post

Global Gateway: EU and Namibia agree on next steps of strategic partnership on sustainable raw materials and green hydrogen

Related Posts

Naira
Economy

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

June 1, 2025
Moody’s Upgrades Nigeria’s Rating To ‘B3’ On External Fiscal Positions
Economy

Moody’s Upgrades Nigeria’s Rating To ‘B3’ On External Fiscal Positions

May 30, 2025
FG To Start Paying Debt Service As Nigerian Economy Grows By 2.99% In Q1 2024-Edun
Economy

Subsidy,  FX Windows  Strangled Nigeria’s Future, Says Tinubu At Midterm 

May 29, 2025
Nigerians Overstaying Visa Risk Serious Sanctions, US Warns, Says “No Honest Mistakes”
Economy

Oil prices Climb $1 As US Court Blocks Trump Tariffs

May 29, 2025
Next Post

Global Gateway: EU and Namibia agree on next steps of strategic partnership on sustainable raw materials and green hydrogen

Naira

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

June 1, 2025
OPEC

OPEC+ Oil Producers Stick To Guns With Another Big Hike For July

June 1, 2025
20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

May 31, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version