Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has stated that the current fiscal policy in Nigeria hampers economic growth.
Speaking at the Senate plenary on Wednesday, Oyedele criticized the federal government for having little to show despite collecting over 60 taxes and levies nationwide.
“The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it,” he said.
Speaking further, he disclosed that the government plans on stopping the situation where Nigerian businesses are forced to pay tax even in the face of losses.
“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” he added
After the explanations, the lawmakers chose not to ask any questions, instead deciding to invite the team again on the next legislative day for further clarification on certain aspects of the proposed reforms before reaching a final decision.
Oyedele’s statement came after the Senate expressed dissatisfaction on Wednesday over the presence of Federal Inland Revenue Service (FIRS) Chair Zacch Adedeji and his consultants in the Upper Chamber.
The lawmakers had suspended their rules to allow Adedeji and the consultants to provide details about the Tax Reform Bill. However, their admission into the chamber sparked a brief commotion, with some lawmakers opposing the FIRS Chair’s presence.
Oyedele is at the forefront of the contentious Fiscal Policy and Tax Reform Bill.
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