Tinubu appoints PwC partner Taiwo Oyedele as tax reforms chair

President Bola Tinubu has set up a tax reform committee and has appointed Taiwo Oyedele, a partner at PriceWaterhouseCoopers (PwC), a chairman.

The Presidential Committee on Fiscal Policy and Tax Reforms aims to remove all barriers impeding business growth in Nigeria, the presidency said Friday.

It will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.

”Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average,” special adviser to the president on revenue, Adelabu Adedeji, said.

”This has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development,” he said.

He said the committee’s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

 – Reversals

Mr Tinubu on Thursday suspended excise taxes on telecommunications services and some locally produced goods introduced two months ago.

He also reversed levies on certain imported vehicles, single use plastic products and domestically manufactured alcoholic drinks and tobacco that were introduced by his predecessor Muhammadu Buhari in his final weeks in office.

His spokesperson Dele Alake said the move was aimed at addressing “business unfriendly fiscal policy measures and multiplicity of taxes.”

– Learn more

Mr Oyedele is the Fiscal Policy Partner and Africa Tax Leader at PwC.

He also serves as a member of the ministerial committee on the implementation of Nigeria’s National Tax Policy. He is a associate professor at Babcock University Business School.