Business
THE Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, on Thursday, in Abuja, inaugurated a Technical Subcommittee on Fiscal Policy and Tax Reforms.
Oyedele, who chairs the Presidential Fiscal Policy and Tax Reforms Committee, said the subcommittee would strengthen Nigeria’s ongoing fiscal and tax reforms.
He said that the assignment would focus on addressing implementation challenges and improving clarity, simplicity, competitiveness and predictability within the fiscal system.
According to him, Nigeria’s tax reforms culminated in four major laws that came into full effect on Jan. 1.
The minister listed them as the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Establishment Act and Joint Revenue Board Establishment Act.
Oyedele said that the Finance Bill 2027 should build on the 2025 reforms rather than rewrite their fundamental principles.
He said the bill must respond to implementation challenges, unintended consequences and emerging economic realities.
The minister said that the public call for inputs received 134 submissions from across Nigeria’s six geopolitical zones.
He said that the submissions focused on simplifying tax laws, multiple taxation, digitalisation, data-sharing, taxpayer rights, refunds, small businesses and investment competitiveness.
Oyedele urged the subcommittee to assess all submissions objectively, based on evidence, national interest and their potential economic impact.
He advised members to protect the integrity of existing reforms while ensuring policies remained fair, efficient and competitive.
The minister also urged the committee to consider the wider economic effects of revenue measures instead of focusing solely on revenue generation.
He said that the policies should promote investment, manufacturing, productivity, formalisation and value creation.
Oyedele stressing the need for simpler approaches that reduce compliance costs and opportunities for arbitrage.
The minister urged members to consider the impact of proposed measures on low-income households, workers, small businesses, women and young people.
He said the subcommittee would review the Deduction of Tax at Source Regulations 2024 against the new tax laws.
Oyedele said it would also prepare revised withholding tax regulations, emphasising that withholding tax was an advance-payment and compliance mechanism.
The minister said that the subcommittee would review the Companies Income Tax (Significant Economic Presence) Order 2020.
He said the review would develop an updated framework aligned with new laws and international best practices.
Oyedele said that the country must protect its taxing rights while remaining competitive for technology and cross-border investments.
He gave the subcommittee six weeks to complete and submit its report.
The minister said the Ministry of Finance, Justice, NRS, JRB, Customs, SMEDAN, private sector and professional bodies would collaborate during the process.
He said that the Ministry of Justice would participate throughout drafting, rather than only reviewing completed documents.
Oyedele directed members to maintain confidentiality of deliberations and disclose conflicts of interest.
He urged members to represent the national interest rather than narrow institutional interests.
The minister said that the first reform phase changed the architecture, while the next phase would make the system work better.
He said that the success would be measured by the number of real problems solved, rather than the number of legislative provisions changed.
Oyedele urged members to be rigorous, objective, listen widely, challenge assumptions and follow evidence in carrying out the assignment.
The Co-Chair of the Technical Subcommittee on Fiscal Policy and Tax Reforms, Mr Albert Folorunsho, assured of timely delivery of the mandate.
Folorunsho, who is also the Chairman, Tax advisory Committee, said that the committee would prepare the Finance Bill 2027, review the withholding tax regulation and examine the significant economic presence order.
According to him, the assignments are critical to developing a fair, clear, efficient and investment-friendly tax system.
Folorunsho said that the committee’s recommendations would be technically sound, administratively practicable and responsive to taxpayers, businesses and government.
He acknowledged that the six-week timeframe was short but expressed confidence in members’ experience and commitment to completing the assignment.
He said that the committee would work collaboratively, consult relevant stakeholders and pursue reforms that strengthen revenue mobilisation without imposing unnecessary burdens on taxpayers.
“On behalf of members, I assure the minister of our diligence, objectivity and commitment,” he said.
Folorunsho pledged that the committee would produce recommendations worthy of the confidence reposed in its members. (NAN)
A.I
Sept. 16, 2026
Tags: Customs JRB Mr Albert Folorunsho Mr Taiwo Oyedele NRS SMEDAN
