President Bola Tinubu has launched a new presidential committee tasked with recommending tax and fiscal policy reforms. The inauguration ceremony was held Tuesday in Abuja.

Last week, the Presidency announced the panel’s formation, to be chaired by tax expert Taiwo Oyedele. Members include public and private sector experts on taxation, fiscal issues and revenue generation.

At the event, Tinubu stated the committee will be guided by Nigeria’s national interest above all. He said the country should shift focus from taxing production to returns, income and consumption instead.

The president directed all government bodies to fully cooperate with the committee in executing its mandate. He outlined objectives such as reducing the burden of tax compliance, improving coordination, and enhancing accountability.

“The Committee is comprised of experts from both the private and the public sector. I have given them a strong mandate and I expect their report to cover tax reform, fiscal policy design and coordination, harmonisation of taxes and revenue administration among other items,” Tinubu remarked.

He added the target is to grow Nigeria’s tax-to-GDP ratio to 18% within 3 years, while improving competitiveness. Recommendations will include quick reforms for 30-day implementation, major changes in 6 months, and comprehensive reform in one year.

The newly launched presidential committee will spearhead the vital task of reforming Nigeria’s tax and fiscal policies to bolster revenue and economic development.