Members of the Presidential Committee on Fiscal Policy and Tax Reforms have been asked by Vice President Kashim Shettima to create a strong road plan that will reshape the country’s economy.
Shettima gave the suggestion on Monday during a meeting with the Committee’s members at the Presidential Villa in Abuja, who were accompanied by its chairman, Mr. Taiwo Oyedele.
The challenge you face is immense, but I have faith that you have the best minds to develop a solid plan that can reposition our economy.
“And to address some of the fundamental concerns that underlie our fiscal and tax policies, fiscal and tax policies are essential to the realisation of any nation’s economic development.
We are in a terrible predicament, but I have faith in your team to develop a plan to save our country. This is a magnificent nation that is constrained by bad government and several difficulties.
He characterised President Bola Tinubu as a courageous, sincere, and progressive figure in Nigerian politics.
Shettima highlighted that it was an effective tool for resource mobilisation and emphasised the need of fiscal policy and tax reforms.
In his perspective, given the nation’s current economic conditions, the committee should recommend actions that can be taken quickly.
He assured them of the National Economic Council’s cooperation and stated, “Our focus should mostly centre on domestic resource mobilisation.
Even the largest economies in the world must contend with this reality, particularly given current trends.
The Vice President went on to say that budgetary changes and tax policies were essential for achieving the goals of the country.
The emergence of BRICS and the current geopolitics have caused a global realignment of forces, he added, and this is also taking on global dimensions.
Shettima complimented the makeup of the committee and claimed that it demonstrates the importance the Tinubu gives its mandate.
Sincerely, I’m happy for you. Some of the committee members, who are men and women of perfect character, high integrity, commitment, and patriotism, are people I personally know.
The committee would be interested in cooperating with the NEC, which is led by the Vice President, according to Zaccheus Adedeji, Special Adviser to the President on Revenue.
This would allow efficient communication with the sub-national governments, a crucial stakeholder group in the committee’s mission.
In his remarks, Oyedele stated that the committee was thrilled to have the chance to assist the nation in redefining and redesigning a new fiscal policy framework.
As instructed by the President, we are concentrating on completing our task, which includes fostering fiscal governance, revenue transformation, fiscal competitiveness, and economic growth facilitation.
He gave the assurance that the committee would interact with Nigerians both at home and abroad as well as with all facets of society.
In order to fulfil its mission, he stressed the committee’s willingness to work with sub-national governments via NEC.
“I serve as the committee’s chairman for tax reform and fiscal policy in the executive branch. And the main reason we are here is to see His Excellency, Vice President Kashim Shettima.
“The task given to us by Mr. President is to assist our nation with issues of fiscal governance, which is essentially about how we manage our money.
“Along with revenue transformation outside of tax. This concerns both taxes and non-tax issues, as well as how to promote economic expansion so that people can live prosperous lives. That includes everyone.
“So, we came here today to pay courtesy call, to give His Excellency an update about what we’re doing, and more significantly, to seek for his help and advice, especially interacting with the sub national government.
This is critical because without the backing of the governors and even the Local Government Areas, our missions will fall short and be ineffective.
He pointed out that the committee was unique from the previous ones for two key reasons.
“The President has the political will to implement our recommendations, even though they may not be the conventional recommendations that people are comfortable with.
But we are always prioritising the interests of our nation. The second point is that the President made it quite plain that he was uninterested in committee reports.
He told us, “As you suggest, whatsoever you acquire the go-ahead, go ahead and assist me in putting that into action. Thus, the third milestone for them.
The first milestone is the first 30 days, during which we concentrate on making immediate interventions related to the elimination of fuel subsidies and the stability of the currency rate. The second milestone is the first six months.
We intend to revise the statute after the first six months of crucial improvements. The burden will thereby be lifted off of the poorest individuals.
Last but not least is one year, which is implementation. The good news is that the 30 days, six months, and one year will all run concurrently, so we’re already counting down to our first 30 days.
