President Bola Ahmed Tinubu on Tuesday appointed Miss Orire Agbaje, a 400level Economics student of the University of Ibadan, as a member of the newly inaugurated presidential committee on fiscal policy and tax reforms.
The outstanding undergraduate is currently President of the Nigerian Universities Tax Club.
Congratulations have kept pouring in for the young appointee as social media users hail celebrate her success.
Inaugurating the committee, President Tinubu vowed to end Nigeria’s over-reliance on borrowing for public expenditure whilst setting a target of 18% Tax to GDP ratio in 3 years.
The president said the committee is expected to deliver quick reforms that can be achieved within 30 days.
“The consequences of the ongoing failure of our tax regime are real and significant. The inability of the government to efficiently raise revenue has led directly to an overreliance on borrowing to finance public spending.
“A government that cannot properly fund itself will also lack the flexibility or fiscal scope to sensibly manage the economy or respond to external shocks. Instead, debt service begins to consume an ever greater portion of the government’s already meagre revenues.
“This traps the economy in a vicious cycle of borrowing simply to service previous debt and leaves almost no scope for socio-economic development.
“As President, I am determined to end this cycle. On the day of my inauguration, I promised that my administration would address all of the issues impeding investment and economic growth in Nigeria. This promise is why I saw an end to the fuel subsidy. It is the reason the Central Bank has called an end to its multiple exchange rate system under my watch.
“It is for the same reason we gather here today to inaugurate the Presidential Committee on Fiscal Policy and Tax Reforms.”“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.
“Without revenue, government can not provide adequate social services to the people it is entrusted to serve.
“The Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days.“Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year.”, the president said.
The committee is chaired by Taiwo Oyedele, a tax and fiscal policy expert.
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