Pol Eco Analytics a Nigerian based independent think tank and research organization has lauded President Bola Ahmed Tinubu for Inaugurating the Fiscal Policy and Tax Reform Committee (FPTRC).
The organization in a release by Snr Researcher,Adefolarin A. Olamilekan,commended President Bola Ahmed Tinubu for working the talk as capture in his swearing in speech on May 29th 2023, that his government would take action in regards to multiple taxation complaints and challenge of revenue shortfalls, affecting the nation’s.
Pol Eco Analytics Said;
“This is in no doubt a laudable move by the Tinubu adminstration to tackle problems of disarticulated tax regime, and official negligence of yesteryears that worsen the case of tax evasion and non compliancy in Nigeria.
“For us at Pol Eco analytics, this is a patriotic policy stand’s Nigerians must commend.
“Meanwhile, their is no gain saying that the coming of the Fiscal Policy and Tax Committee (FPTRC) to be chaired by Taiwo Oyedele is a composition of seasons professional and vast business experts, saddle’s with this national task.
“That demands demonstration of unwavering determination and commitments in the midst of many difficulty they would face, in achieving the set goals, before them.
“That includes a three point focus namely; fiscal governance; tax reform; and growth facilitation. In addition is the President mandate’s of ensuring a target of 18% tax to GDP ratio in 12months.
“An ambitious agenda of moving away from the current 8% to GDP ratio, as well seemingly objective to block and bring into government purse the over N20 trillions lost to tax evasion in the economy.
“Again, this committee is timely constituted to finding lasting solution the excesses on the part of over 56 government agencies confusion over there mandates on tax remittance to government.
“While Pol Eco Analytics acknowledged the fact that the nations deserved such committee at this time of our national life, as no serious nation underestimate the importance of fiscal measure and tax administration, especially with the prevailing global economic crunch, off which Nigeria is not spare going by her dwindling economy situation.
“However, we anticipate a break from the norm,where successive government in the past inaugurates committees in this manner as a means to compensates there political associates and others.
“For us has an organization and a stakeholder in the Nigeria economy and development project.
“We believed the Taiwo Oyedele led
Fiscal Policy and Tax Committee (FPTRC), have its mandate cut out, in ensuring we have a suitable fiscal regime and tax instruments of international best practice and business friendly, at the same time to boost government revenues.
“Pol Eco Analytics emphasis the need for the committee to be transparent, build confidence of all stakeholders and avoid the politicisation of its activities.
“Similarly, we suggest the committee must align to how best to detoxification of the tax environment; ridding it of mutual mistrust, negative tax morale, and tax evasion, effective taxpayer open engagement and stakeholders dialogue, amongst others”.
In the same vein, Pol Eco Analytics urged the Tinubu’s government to keep to it word of ‘Renewed Hope’ agenda a reality for Nigerians, by making the various economic reforms been introduced so far, people oriented and implementable.
