President Bola Tinubu has vowed to end the reliance on borrowing to carry out major projects in the community.
He spoke on Tuesday at the inauguration of the President’s Committee on Fiscal Policy and Tax Reform.
The Democratic newspaper reported that the Committee, which was established on July 7, 2023, is under the leadership Taiwo Oyedele, an expert on tax and budget policy.
The committee, which is made up of experts from the private sector and the government, is responsible for various aspects of reforming the tax laws, setting budget policies and adjustments, adjusting taxes, and managing revenues.
Speaking at the meeting, the president said that the committee is in line with its promise to remove all barriers that hinder the development of business in Nigeria.
The result of the failure of our tax system is real and it is important, the failure of the government to generate revenue properly has led directly to the reliance on borrowing money to work for the community, Tinubu said.
My government will not continue to rely on Karbi debt to carry out major projects because the country’s economy is in shambles Because of this, the debt has started to consume a larger portion of the government’s revenue.
This has put the country’s economy in a bad situation of borrowing to pay off the past debt and has left almost no way for social and economic development.
As President, I am determined to end this cycle.
On the day I was sworn in, I promised that my government would solve all the problems that hinder investment and economic development in Nigeria.
It was this promise that made me see the end of fuel subsidies. This is the reason why the Central Bank of the country called for the end of the currency exchange system.
It is for one reason that we have gathered today to launch the President’s Committee on Fiscal Policy and Tax Reform.” On his part, the Special Adviser to the President on Revenue, Zacchaeus Adedeji, said the launch of the committee would enable him to further discuss with various stakeholders to find out the issues affecting the tax and budget policies.
money Also speaking at the meeting, Oyedele said that tax evaders are harming the country and added that there is need for change.
He said Nigerians are ready to pay taxes if they see what is being done with it to benefit everyone.