FG inaugurates subcommittee on tax reforms, fiscal policy

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday inaugurated a Technical Subcommittee on Fiscal Policy and Tax Reforms in Abuja.

Mr 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 January 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.

Mr 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 added that the submissions focused on simplifying tax laws, multiple taxation, digitalisation, data-sharing, taxpayer rights, refunds, small businesses and investment competitiveness.

Mr 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 Co-Chair of the Technical Subcommittee on Fiscal Policy and Tax Reforms, Albert Folorunsho, assured of timely delivery of the mandate.

Mr 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.