President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, chaired by PriceWaterhouseCoopers’ Africa Tax Leader, Taiwo Oyedele.
The committee will focus on tax law reform, fiscal policy design, tax harmonisation, and revenue administration. Nigeria’s tax-to-GDP ratio is one of the lowest in the world, leading to overreliance on borrowing and limited fiscal space. Key challenges in Nigeria’s tax system include multiple taxes and revenue collection agencies, a complex tax system, low tax morale, high tax evasion, high administration costs, a lack of coordination between fiscal and economic policies, and poor accountability in tax revenue utilisation.
The committee, established by President Tinubu, aims to improve Nigeria’s fiscal policy and taxation by enhancing revenue collection efficiency, promoting transparent reporting, and promoting effective tax utilisation. Its primary objective is to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance. The committee will advise the government on necessary reforms and drive implementation, supporting the current administration’s comprehensive fiscal policy and tax reform agenda.
Mr Oyedele is a professional with expertise in fiscal policy, taxation, and economic matters. He is the PWC Africa tax leader, the thematic lead for the Fiscal Policy and Planning Commission, and the Chairman of the West Africa Debt Management Roundtable. He chairs the Taxation and Fiscal Policy Faculty Board of ICAN, the Nigerian Taxation Standards Board, and the Ministerial Committee on Nigeria’s National Tax Policy.
Oyedele is an Associate Professor at Babcock University Business School, an alumnus of the London School, Yale, Harvard Kennedy School, and Lagos Business School, and a founder of the Impact Africa Foundation.
