At a recent public lecture marking his 50th birthday, Taiwo Oyedele, head of the Presidential Fiscal Policy and Tax Reforms Committee, reflected on Nigeria’s tax reform progress, underscoring that significant work remains. While praising the enactment of four key tax reform laws signed by President Tinubu, Oyedele warned that these are just initial steps toward a broader overhaul.
“The reforms are not done. We still have unfinished business,” Oyedele said, emphasizing the need to reduce corporate tax rates to attract investment and counteract the negative effects of inflation on capital. He also called for reforms in tariff structures and regulatory frameworks to lower costs on raw materials and intermediate goods, which currently impose a heavy burden on the economy.
Oyedele drew attention to the Nigerian Naira’s steep decline relative to regional currencies, noting that this currency weakness has stifled economic growth and poverty reduction. He stressed that fiscal reforms must support a stable Naira and allow tax payments exclusively in local currency to reduce foreign exchange pressures.
He urged policymakers to prioritize inclusivity and credible data in decision-making, warning against policies driven solely by popular opinion. “Imagine if we conducted a survey of all Nigerian adults and asked if people should pay a tax or not. You can guess what the outcome would be,” he stated.
The committee chairman also highlighted the importance of investing in human capital and fostering visionary leadership to sustain national development. He concluded by advising the government to focus on efficient, non-inflationary spending and avoid populist measures that fail to address underlying economic issues.