The head of the Presidential Tax Reform Committee, Taiwo Oyedele, has stated that the current N6 trillion in tax exemptions will be reviewed.
This information was revealed by Oyedele on Friday in Abuja, when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, presented the eight-point program of the Bola Ahmed Tinubu-led government’s reinvigorated optimism.
The committee’s goal is to reform Nigeria’s tax system to stimulate the economy, he said, so the decision makes sense.
He mentioned a N20tn tax deficit, which, if closed with automated processes, would increase government revenue.
According to Oyedele, accelerating economic growth requires removing obstacles that firms currently face.
“Incentives are not inherently bad. You’ll also acknowledge that, given the passage of time, it’s important to reevaluate established practices.
We believe that eliminating barriers is much more urgent and crucial than providing incentives.
The government saves money by not having to provide incentives anymore. It’s a win-win since it promotes progress and prosperity for all.