President Bola Ahmed Tinubu has taken a significant step toward tax reforms by establishing a committee dedicated to the cause. Taiwo Oyedele, a seasoned professional with extensive knowledge in fiscal policy, taxation, and economic matters, has been appointed as the chairman of the committee.
Oyedele, currently serving as the PwC Africa tax leader, brings a wealth of expertise to the position. In addition to his role at PwC, he holds various important positions in prestigious organizations. He serves as the Thematic Lead for the Fiscal Policy & Planning Commission and chairs the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG).
Moreover, Oyedele leads the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Nigerian Taxation Standards Board. He also contributes as a member of the Ministerial Committee on the implementation of Nigeria’s National Tax Policy. Oyedele’s contributions extend globally, as he is a member of the Global Tax Forum and has previously served on the Global Governing Council of the Association of Chartered Certified Accountants (ACCA).
As an educator, Oyedele holds the position of Associate Professor at the Babcock University Business School. He boasts an impressive academic background, having studied at renowned institutions such as the London School of Economics & Political Science, Yale University, and Harvard Kennedy School Executive Education. Furthermore, he serves as a guest lecturer at the Lagos Business School and is the Founder and President of Impact Africa Foundation.
In an official statement by Dele Alake, the Special Adviser to the President (Special Duties, Communications, and Strategy), it was announced that the committee would consist of experts from both the private and public sectors. Their responsibilities encompass tax law reform, fiscal policy design and coordination, tax harmonization, and revenue administration.
“The committee’s primary objective is to improve revenue collection efficiency, ensure transparent reporting, and promote effective utilization of tax and other revenues to enhance citizens’ tax morale, foster a healthy tax culture, and encourage voluntary compliance,” the statement emphasized.
The statement further highlighted that these efforts would not only enhance Nigeria’s revenue profile but also create a more favorable and internationally competitive business environment.
“Our goal is to transform the tax system to support sustainable development and achieve a minimum Tax to GDP ratio of 18% within the next three years, without hindering investment or economic growth.
“It is important to note that this committee will not only advise the government on necessary reforms but will also drive the implementation of such recommendations in alignment with the comprehensive fiscal policy and tax reform agenda of the current administration,” the statement concluded.
