HomeBUSINESSTinubu Tax Panel Urges States to Suspend Low-Revenue Taxes, Boosting Economic Prospects!

Tinubu Tax Panel Urges States to Suspend Low-Revenue Taxes, Boosting Economic Prospects!

State governors are teaming up with the Presidential Committee on Fiscal Policy and Tax Reforms to eliminate burdensome low-revenue taxes from across the country. These taxes, often referred to as ‘nuisance taxes,’ have been identified as ineffective and detrimental to both the economy and the welfare of the poor.

Committee Chairman Taiwo Oyedele spoke passionately about the need to suspend these taxes during an interview on Channels Television. He emphasized that these taxes were not adding any significant value to the state’s coffers, and their impact on the transport of goods between regions was disproportionately affecting the less fortunate.

The committee’s mandate, established by President Bola Tinubu, is to champion tax reforms that will contribute to the nation’s economic growth and development. Oyedele revealed that they are already in discussions with state governors, setting up committees to engage their teams, and ensuring a swift implementation of the tax suspensions.

Additionally, the committee has made significant progress in advancing a crucial component of its tax reform strategy – the Emergency Economic Intervention Bill.

Once approved by the Federal Executive Council and subsequently the National Assembly, this bill is expected to bring about vital changes and receive presidential assent by the end of the first quarter.

The issue of multiple taxations and levies, which have burdened businesses and hindered growth, is being actively addressed by this collaborative effort between state governors and the Presidential Committee.

President Tinubu himself has also shown a commitment to addressing global taxation issues. During the recent South Summit of the Group of 77 and China, he called for a speedy review of the global tax system, stressing the need for a more equitable approach that benefits developing countries. 

Nigeria has championed a historic initiative at the United Nations for a Framework Convention on Tax, garnering support from many countries. This resolve reflects the shared commitment to rectifying the inequities of the current tax system, fostering a just economic order.

President Tinubu reiterated Nigeria’s dedication to South-South economic collaboration and the importance of addressing challenges related to raw materials to stimulate industrialization and economic growth.

Furthermore, he emphasized Nigeria’s stance on the Israel-Palestine conflict, supporting an immediate ceasefire and a peaceful resolution while upholding principles of sovereignty, territorial integrity, and peace and security.

The President also highlighted the 75th anniversary of the United Nations and the significance of the Group of 77’s commitment to inclusivity and equal opportunities for all. He stressed the importance of collective action on climate change, environmental concerns, and emerging global challenges, such as the digital divide and terrorism.

President Tinubu concluded by noting the crucial role of technical cooperation and capacity building in addressing global challenges and promoting mutual growth and development among nations. 

Nigeria’s engagement through the Directorate of Technical Aid Corps has been instrumental in fostering international cooperation among African, Caribbean, and Pacific countries.

The summit, attended by heads of state, heads of international organizations, and UN Secretary-General Antonio Guterres, serves as an important forum for collaboration and envisioning a future responsive to the needs and aspirations of member states.



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