President Tinubu has promised to race against time in producing a simplified fiscal and tax policy that will ensure businesses thrive across the country.
The President stated this during his maiden address of the New Year to the nation on January 1, 2024. The President noted that his message on all his international travels has been the hospitability of Nigeria to businesses and investors.
- He stated. “In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.”
Speaking further, President Tinubu unveiled his plan for agriculture which is already in motion with the commencement of the dry season farming in Jigawa and plans to grow crops such as maize, millet, rice, wheat etc on 500,000 hectares of farmlands in the country. This the President explained are measures to ensure food security in the country.
Food inflation currently stands at 32.84% even with the President’s declaration of state of emergency on food security in July
He stated, “To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.”
Backstory
- In July, President Tinubu set up a Presidential committee on fiscal policy and tax reforms chaired by Taiwo Oyedele. The President stated while setting up the committee, that the administration aims to halt taxing the poor but to promote wealth.
- The committee comprised officials from the public and private sectors, civil society groups, and students.
- Its mandate was to refine the country’s fiscal policy, tax laws, and regulations, and coordinate tax collection. The committee aimed to achieve a substantial tax-to-GDP ratio of 18%, alleviate multiple taxation, curb tax evasion, and promote a robust tax culture.
- In November, the Presidential Committee on Fiscal Policy and Tax Reforms produced its quick-win report which includes a set of initiatives that can be quickly implemented.
- The Chairman of the Presidential tax committee had earlier stated that some of the reforms to be introduced would require amendment from the National Assembly.
