Taiwo Oyedele, head of the Presidential Committee on Fiscal Policy and Tax Reforms, announced the cessation of tax payments in dollars before December.
He emphasized the discontinuation of paying taxes in foreign currency by Nigerian entities engaging in business transactions in naira, highlighting the necessity of preserving the country's currency value.
Oyedele discussed discussions with state governors to suspend multiple taxes that hinder business operations and to reallocate funds from government agencies with surpluses. He also revealed plans to introduce an Emergency Economic Intervention bill to the National Assembly before mid-November, aiming for prompt consideration and enactment by the end of November.
Oyedele highlighted the excessive tax burden in Nigeria, citing over 60 official taxes and numerous unofficial taxes, exacerbating challenges for citizens. He stressed the need for a streamlined tax system to curb revenue leakages caused by the proliferation of taxes and unauthorized collection practices.
In pursuit of transparency, Oyedele mentioned efforts to establish a national portal for public expenditure on government projects across all tiers of governance.
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