Current fiscal system inhibits growth, Oyedele alleges

The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has stated that the country’s current fiscal system inhibits growth.

This is even as he lamented that the federal government has nothing to show for more than 60 taxes and levies collected across the country.

He made the claims at the Senate’s plenary on Wednesday.

“The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it,” he said.

He further noted that the FG intends to halt the situation where Nigerian businesses are forced to pay tax even in the face of losses, compelling the need to scrutinize the system through key reforms.

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“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” he added.

At the end of the explanations, the lawmakers declined to ask questions, resolving to invite the team on the next legislative date to clarify aspects of the proposed reforms before a final resolution is taken.

It would be recalled that President Tinubu had in October sent the tax reform bill, which he said aligned with ongoing financial reforms of the Federal Government and will enhance efficiency in tax compliance, to the National Assembly.

Just after the bill was sent to the National Assembly, it started generating controversies with some Northern leaders calling for its withdrawal.

Oyedele is leading the charge for the controversial proposed Fiscal Policy and Tax Reform Bill.

By: Babajide Okeowo

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