Pol Eco Analytics, a Nigeria based independent think tank and research organization has lauded President Tinubu for inaugurating the Fiscal Policy and Tax Reform Committee (FPTRC).
This was made known by the body via a statement signed by its Senior Researcher, Olamilekan Adefolarin.
“The President is highly commended for walking the talk as captured in his swearing in speech on May 29th 2023 that his government is going to take action in regard to multiple taxation complaints and challenge of revenue shortfalls affecting the nation”, Adefolarin stated.
“This is no doubt a laudable move by the Tinubu administration to tackle problems of disarticulated tax regime and official negligence of yesteryears that worsened the case of tax evasion and non compliance in Nigeria.
“For us at Pol Eco analytics, this is a patriotic policy stand Nigerians must commend.
“Meanwhile, there is no gainsaying that the Fiscal Policy and Tax Committee (FPTRC) to be chaired by Taiwo Oyedele is a composition of seasoned professionals and versed business experts saddled with this national task that demands demonstration of unwavering determination and commitment in the midst of many difficulties they would face in achieving the set goals before them.
“That includes a three point focus namely; fiscal governance; tax reform; and growth facilitation. In addition is the President mandate’s of ensuring a target of 18% tax to GDP ratio in 12months- an ambitious agenda of moving away from the current 8% to GDP ratio, as well as the seeming objective to block and bring into government purse the over N20 trillion lost to tax evasion in the economy.
“Again, this Committee is timely constituted to finding lasting solution to the excesses on the part of over 56 government agencies’ confusion over their mandates on tax remittance to government.
“While Pol Eco Analytics acknowledges the fact that the nation deserves such committee at this time of our national life, as no serious nation underestimates the importance of fiscal measure and tax administration especially with the prevailing global economic crunch, of which Nigeria is not spared going by her dwindling economic situation, however, we anticipate a break from the norm,where successive government in the past inaugurates committees in this manner as a means to compensate their political associates and others.
“For us as an organization and a stakeholder in the Nigeria economy and development project,we believe the Taiwo Oyedele led Fiscal Policy and Tax Committee (FPTRC), has its mandate cut out, in ensuring we have a suitable fiscal regime and tax instruments of international best practice which are business friendly at the same time to boost government revenues.
Pol Eco Analytics emphasised the need for the committee to be transparent, build confidence of all stakeholders and avoid the politicisation of its activities.
“Similarly, we suggest the committee must align to how best to achieve detoxification of the tax environment; ridding it of mutual mistrust, negative tax morale, and tax evasion, effective taxpayer open engagement and stakeholders dialogue, amongst others.
In the same vein, Pol Eco Analytics urged the Tinubu government to keep to its word of ‘Renewed Hope’ agenda, by making the various economic reforms been introduced so far, people oriented and implementable.