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Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has emphasized the importance of solid tax policies in promoting lawful economic activities and driving Nigeria’s development. Oyedele made these comments while speaking to stakeholders at a high-level forum on fiscal reform and economic sustainability.
According to Oyedele, taxation should be viewed as a social and economic contract between citizens and the government.
“Tax is a socio-economic contract that states that taxes are the result of economic activities. As a result, government measures, including taxation, must not distort lawful economic activities,” he said.
Oyedele further stated that the process of developing solid policies must go beyond popularity and public emotion.
“Popular opinions do not necessarily result in sound policies. Imagine we have everyone at the table because we want to be inclusive, but we don’t have solid data – we’re not establishing policy, we’re just having a meeting,” he said.
He underlined the need of reliable statistics in ensuring that tax reforms and government policies achieve their intended goals while not damaging productive sections of the economy.
The symposium, which was attended by policymakers, business executives, and academics, provided a forum for discussing Nigeria’s fiscal future and ways for enhancing the country’s tax system while promoting economic development.
