The Oyedele-led committee has proposed five executive orders to expedite reforms.
The Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms has proposed five executive orders to accelerate fiscal reforms and boost Nigeria’s economy:
- Inflation Control and Price Stability: Suspend import duty and VAT on specified items, allow millers to import paddy rice, peg exchange rate for import duty at N800, prioritize productive spending, and reduce accumulated ways and means.
- Employment Generation: Provide relief for wage awards, subsidize transport for low-income staff, and facilitate remote employment opportunities for Nigerians with foreign companies.
- Boosting Non-Oil Exports: Offer tax exemptions for repatriated export proceeds of services and intellectual property, zero-rate VAT for all non-oil exports, relax restrictions on export proceeds, and remove Tax Clearance Certificate requirements for forex applications.
- Prudent Financial Management: Require MDAs to remit surpluses above N5 billion, ban foreign trips for local events, mandate electronic payment of estacode, direct payments to MDAs’ contractors, and require all fees payments in naira.
- Tax Information Consolidation and Collaboration: Use NIN and RC numbers, and establish a national tax data governance framework.
Additionally, the committee proposes a constitutional amendment for MDAs to submit audited accounts for new budget approvals, a minimum percentage of annual spending for infrastructure and human capital, and replacing broad budget categories with specific headings like infrastructure, human capital investment, and administrative overheads.
The committee also recommends reducing the number of taxes to single digits, raising the tax-to-GDP ratio to at least 18%, transferring VAT to the exclusive list for central collection, and exempting essentials like food, health, rent, and education from VAT. Other recommendations include cutting Company Income Tax gradually, barring convicted individuals from presidential pardons and public office, developing a whistle-blowing framework, simplifying Withholding Tax, establishing the Nigeria Revenue Service, cutting revenue collection costs, transitioning to daily FAAC disbursements, and establishing revenue courts for prompt tax dispute resolution.
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