The push for tax system reform in Nigeria gained momentum as the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, restated the government’s commitment to simplifying the tax structure, enhancing compliance, and broadening the revenue base.
Speaking at the Renewed Hope Global Town Hall Virtual Conference, Oyedele highlighted the need to overhaul Nigeria’s outdated tax system, which he described as a colonial relic that no longer serves the country’s economic growth objectives.
He noted that President Bola Ahmed Tinubu’s administration has demonstrated strong political will in driving fiscal policy changes, leading to the introduction of the Tax Reforms Bill 2024. The bill, he explained, is designed to ensure a fairer tax system that benefits all Nigerians.
The Tax Guru acknowledged the resistance the bill has faced from powerful interests, revealing that while the government is open to discussions on its provisions, it remains firm on the need for comprehensive reforms.
To deepen public understanding and support, Oyedele disclosed plans to translate the tax reform bill into major Nigerian languages to ensure widespread accessibility across the country’s six geopolitical zones.
In a surprise moment at the event, Hon. Babarinde, a Nigerian professional based in South Africa, proposed an initiative capable of generating N2 trillion in annual revenue. Oyedele encouraged him to submit the proposal through the Renewed Hope Global Town Hall platform, stressing that the government is open to fresh ideas that can drive economic development.
Participants at the event commended the insightful discussion, describing it as an eye-opener. Dr. Bashir Obashekola, one of the attendees, remarked, “It was a beneficial session. Thank you, Dr. Taiwo Oyedele, for your work and for being available for engagement. Thank you to the organizers.”
Many also requested access to the full conference recording, which the organisers promised to make available in the coming days.
The Chairman and Chief Host of the conference, Amb. Joseph Kolawole Adebola appreciated the participants’ continued support and the speakers’ dedication.
He emphasized that the Renewed Hope Global Town Hall is not just a platform for engagement but a movement shaping Nigeria’s future.
“Our mandate extends beyond addressing misinformation. We are here to shape perceptions, reinforce values, and influence the future of a nation destined for greatness,” he said.
The virtual conference attracted several dignitaries, including the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; Senior Counsel to the President, Chief Babatunde Ogala, SAN, OFR; Chief Spokesperson for the President, Chief Bayo Onanuga; Senior Special Assistant to the President on Media, Hon. Abdulaziz Abdulaziz; and the Director of Protocol to the President, Dr Isaiah Niniola.
