The Nigerian government is considering implementing new tax, spending and borrowing policies

The Bola Tinubu administration is considering a plan to implement new national tax, spending and borrowing policies for the country.

This was disclosed in a statement shared on his LinkedIn page on Monday by member of the Presidential Commission on Fiscal Policy and Tax Reforms, Ade Adefeko.

“The new plan to revolutionize Nigeria’s tax system is to introduce a new national tax policy, expenditure policy and borrowing policy to make us more efficient and effective in tax administration,” he disclosed.

According to Adefeko, the implementation of this policy will help the government increase the efficiency and effectiveness of tax administration.

Presenting the committee’s work, which consisted of three phases: quick wins, recommendations, critical reforms and implementation, Mr. Adefeko said: “I am happy to announce that under the leadership of our Chairman, Taiwo Oyedele, we have completed the last two phases in the last few weeks and we have We hope to move to the implementation phase once our recommendations are accepted.”

He said the sessions were intense and thoughtful, adding that the commission aims to “reduce the tax burden on poor Nigerians by reducing the huge amount of taxes currently paid to single digits.”

He said the commission, which was inaugurated by the president on August 8, 2023, has “a terms of reference covering three broad areas: budget management, income transformation and, finally, fiscal competitiveness and economic growth facilitation.”