The Presidential Fiscal Policy and Tax Reforms Committee was set up by President Bola Ahmed Tinubu to review and advise on reforms to shape Nigeria's fiscal policy and tax system.

The Committee’s terms of reference covers Fiscal Governance; Revenue Transformation and Economic Growth Facilitation.

The work of the committee is further divided into 3 phases, being Quick Wins within 30 days; Critical Reforms within 6 months and Implementation within 1 year.

The committee has presented its reports to the President with key recommendations to address critical economic issues ranging from exchange rate management, impact of fuel subsidy removal, moderation of inflation, and facilitating economic growth. The key recommendations include, but not limited to:

1. Measures to address duplication of functions in public service, ensure prudent public financial management and optimize value from government assets and natural resources

2. Policy signalling and collaboration by MDAs, economic management, and policy execution team

3. Use of technology “Data4Tax” to expand the tax net

4. Increase personal income tax exempt threshold and personal relief allowance

5. Tax break for private sector in respect of wage increases to low-income earners, transport subsidy and net increase in employment

6. Permit the payment of taxes on foreign currency denominated transactions in Naira for Nigerian businesses.

7. Remove impediments to global employment opportunities for Nigerians based in Nigeria

8. Suspension of VAT on diesel and tax waivers on CNG, CNG conversion, and renewable energy items

9. Comprehensive review of tariffs on the 43 items unbanned from accessing forex in the official market and fiscal policy review of other items prohibited for imports

10. Reforms of Withholding Tax Regulations to ensure simplicity and ease the pressure on working capital of businesses

11. Facilitate the use of mobile phones for conditional cash transfers and introduce a spending framework for subsidy removal and forex reform windfall, including a national portal to track spending by FG, states and local governments

12. Suspension of multiple taxes which place burdens on the poor and small businesses and compensate with windfalls revenue of certain agencies

13. Expand the official foreign exchange market to incorporate BDCs, forex apps and retail fx dealers, and outlaw transactions in the black market

14. Digitalise Nigeria’s fx regime and discourage speculative demands and hoarding of fx in cash

15. Imposition of excise tax on foreign exchange transactions outside the official market

16. Implement forward contracts for the importation of PMS as a short-term measure pending improvement in key economic indices

17. Discontinue with the fx verification portal and requirement for Certificate of Capital Importation and export proceeds restriction

18. Address impediments to export promotion and bottlenecks regarding Exports Expansion Grants, and remove restriction on repatriation and use of export proceeds by exporters

19. Modify Tax ProMax to allow taxpayers to make part payments of outstanding tax liabilities

20. Grant waiver of penalty and interests on the condition of full payment of outstanding tax liabilities on or before 31 December 2023
8:37 pm · 24 Oct 2023

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https://twitter.com/taiwoyedele/status/1716901814820331861?t=9iZ05kjSniVDfg_F9aoq8g&s=08

13. Expand the official foreign exchange market to incorporate BDCs, forex apps and retail fx dealers, and outlaw transactions in the black market

14. Digitalise Nigeria’s fx regime and discourage speculative demands and hoarding of fx in cash

15. Imposition of excise tax on foreign exchange transactions outside the official market

Great job by Taiwo Oyedele and his team of patriotic Nigerians. These are bold audacious moves by the Asiwaju Tinubu-led Federal Government. This is absolutely brilliant!

Only unpatriotic and greedy people will go buy fx to hoard and they deserve not only to lose their funds but must be prosecuted for economic sabotage as well.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las.

It's criminal and unpatriotic mindset that will make an otherwise educated person who spends almost 100% of his day to day expenses in naira to still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will deter such unpatriotic elements.Not even EFCC that Mr Emefiele kept sending after them will make them stop.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria for ever! Check my signature for free stuffs!

This is a follow up to this report
FG Moves To Digitise FX Transactions To Punish Naira Speculators
https://www.nairaland.com/7887389/fg-moves-digitise-fx-transactions
Check my signature for free stuffs!

We want to see results not long stories

Good recommendations. Implementation is the main thing.

LOL...
Another epistle to deceive the gullible masses...
You go explain tire with no evidence...
The government was voted in to deliver results not to write essays to give people hope.
You cant run a government with propaganda... All these APC propaganda wont save our economy...

Very painful to enemy of the state. They are coming now to start shedding tears uncontrollably.

Na wa oh. How feasible will this be? Nigerians always seem to have a back door for everything.

Always reeling out stories.
"Na stories we go chop?"

Ik

The worst and the dumbest Nigerian alive is someone that believes in this jungle. This jungle can never ever ever ever become great with this current structure.

Solution?
Either we pieces this rubbish into 7 different entities to allow each entity determine its own future or we bring the whites to rule us again. It's obvious we didn't learn any single thing from them, reason why we can't govern ourselves.

Weak institutions, corrupt civil service, corrupt leaders, poor security agencies, illiterate masses, bigoted citizens.

At the rate we are going, Somalia will be a paradise in ten years time compared to this dungeon...

Nigeria no fit better. But make we de deceive ourselves with committees and their recommendations..

Thunder fire Obi

Lol how many times will they outlaw black market forex? Keep playing

They’ll soon blame Peter Obi when there’s nobody else to blame for their nonsense policies

Smh

Ebola with another nonsense policy that will achieve nothing. What a disgrace

Great

Talk is cheap !
Is That street FX the main thing that ails Nigerians ?

Wawu. I am just here to read comments

Ps: a few Obidients that came out on Saturday to protest against Tinubu in Canada. Obidients movement don lose steam.

I beg o can someone summarize pls because me I ve 2k dollar wey I never change o . Make FG no dull me o

This guy dey try sha.

Even Seyi tinubu and Mc oluomo no show this kind support for Tinubu.

Despite the insults, him no send.

Anyways, Wetin be the free stuffs wey him dey share maybe I fit benefit something.

Is there anyone who has benefited from the free stuffs?

I'm tired of all these plenty English with no single change!!

Funny people.

The dollar is really giving this people nightmares.

Una never see anything sef.

How are you sure
We want to see positivity not calculations with grammars and mammoth figures

Na statistics we go chop.
We need results not foolish policy.

Okay

Balablu, e go reach everybody

FreeStuffsNG:

·
https://twitter.com/taiwoyedele/status/1716901814820331861?t=9iZ05kjSniVDfg_F9aoq8g&s=08

Aboki will vex....

igwebuike01:
We want to see results not long stories

Which result...? If not for the parallel market traders, where we for see fx put into our account and order our goods? Banks can't support SMEs. Visit any branch and see endless queues of those looking for fx. I had to withdraw my application after waiting for nearly 4 months. Na biack market save me.

I travelled recently to Hungary. My bank couldn't support me with BTA. Na parallel market save me cos our cards aren't working overseas for transactions. Gone were the days when we'd insert our debit card in their atm abroad and we'd withdraw as if we're in Nigeria in their currency.

Apc has killed our economy under the pretext of discouraging import. With this heinous move, dem kuku wan finish Nigeria. They know what they're doing

Lies and Propaganda as usual

ZaddyJ:

I beg o can someone summarize pls because me I ve 2k dollar wey I never change o . Make FG no dull me o

It's just propaganda
Trying to use fundamentals to create fear

FreeStuffsNG:
13. Expand the official foreign exchange market to incorporate BDCs, forex apps and retail fx dealers, and outlaw transactions in the black market

14. Digitalise Nigeria’s fx regime and discourage speculative demands and hoarding of fx in cash

15. Imposition of excise tax on foreign exchange transactions outside the official market

Great job by Taiwo Oyedele and his team of patriotic Nigerians. These are bold audacious moves by the Asiwaju Tinubu-led Federal Government. This is absolutely brilliant!

Only unpatriotic and greedy people will go buy fx to hoard and they deserve not only to lose their funds but must be prosecuted for economic sabotage as well.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las.

It's criminal and unpatriotic mindset that will make an otherwise educated person who spends almost 100% of his day to day expenses in naira to still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will deter such unpatriotic elements.Not even EFCC that Mr Emefiele kept sending after them will make them stop.

.

Shut up ya mouth