Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said Nigeria's economic reforms are still incomplete, stressing the urgent need for coordinated fiscal and tax adjustments to stabilise the Naira and improve the business climate for SMEs.
Speaking at his 50th birthday policy lecture, "Designing Tomorrow – Policy Blueprint and Lessons for the Future," Oyedele emphasised the need to lower corporate tax rates, address excessive regulation, and reduce import tariffs on raw materials—measures he said would boost investment and ease production costs for small businesses.
> "With high inflation, taxing profits at current rates effectively means taxing capital," he noted.
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Oyedele highlighted that despite Nigeria having a similar trade balance to Kenya and South Africa over the past decade, the Naira has lost six times more value, due to weak policy coordination.
He called for smarter fiscal policy, such as allowing businesses that do not earn in foreign currency to pay taxes in Naira, and encouraged digitalisation in government processes.
He urged government to focus only on roles the private sector cannot perform, and to prioritise non-inflationary, high-quality spending, creating a more stable and competitive environment for Nigerian enterprises.
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