Nigeria is becoming poorer with each passing day, warns Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.<\/p>\n
He made thisl known while speaking on the country’s escalating multidimensional poverty and rising public debt during the Committee’s Impact Assessment Session in Abuja on Monday. Oyedele highlighted the urgent need for comprehensive fiscal reforms to steer the nation towards a sustainable economic future.<\/p>\n
Oyedele noted that Nigeria’s current level of public debt compared to investment is unsustainable in the long term. “If people are leaving Nigeria because there’s no hope, then the government should really be worried,” he emphasized, reflecting on the growing trend of emigration driven by economic despair.<\/p>\n
A significant challenge, Oyedele pointed out, is the prevalent attitude towards tax evasion. Over 80% of Nigerians do not believe tax evasion is wrong or punishable, and 60% of Small and Medium Enterprises (SMEs) share this view. This mindset is attributed to a lack of trust in the government and the complex nature of tax payment systems.<\/p>\n
To address these issues, Oyedele announced the committee’s bold proposals and comprehensive strategies. “We have drafted a new national fiscal policy document aimed at fair taxation, responsible borrowing, and sustainable spending,” he stated. The proposals are designed to build trust in the tax system and ensure that taxation is perceived as fair and transparent.<\/p>\n
Key components of the proposed reforms include:<\/p>\n
Simplifying Tax Compliance: To counter the complicated nature of tax payments, the committee proposes a streamlined and user-friendly tax system that encourages compliance and reduces bureaucratic hurdles.<\/p>\n
Taxing the Informal Sector: Developing a national strategy for taxing the informal sector is crucial. This sector represents a significant portion of Nigeria’s economy, and bringing it into the formal tax net is essential for broadening the tax base.<\/p>\n
Fair Taxation Policies: The new fiscal policy document aims to ensure that taxation is fair and equitable, addressing the concerns of both individuals and businesses. This involves revising tax rates and exemptions to reflect economic realities and ensure that everyone pays their fair share.<\/p>\n
Responsible Borrowing: With public debt levels rising, the committee emphasizes the need for responsible borrowing practices. This includes setting clear guidelines for debt acquisition and ensuring that borrowed funds are used for productive investments that drive economic growth.<\/p>\n
Sustainable Spending: The committee advocates for sustainable spending practices that prioritize essential services and investments in infrastructure, education, and healthcare. This approach aims to create a solid foundation for long-term economic development.<\/p>\n
Oyedele stressed the importance of these reforms in restoring confidence in Nigeria’s economic future. “We want a new fiscal policy document that not only addresses current challenges but also sets the stage for sustainable growth and development,”\u00a0he\u00a0said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria is becoming poorer with each passing day, warns Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. He made thisl known while speaking on the country’s escalating multidimensional poverty and rising public debt during the Committee’s Impact Assessment Session in Abuja on Monday. Oyedele highlighted the urgent need for comprehensive fiscal […]<\/p>\n","protected":false},"author":13,"featured_media":33569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-33568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=33568"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33568\/revisions"}],"predecessor-version":[{"id":33570,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33568\/revisions\/33570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/33569"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=33568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=33568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=33568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}