In a New Year address to the nation on January 1, 2024, President Tinubu vowed to expedite the implementation of simplified fiscal and tax policies to create a conducive environment for businesses to thrive across Nigeria.
Expressing his commitment to the nation’s hospitality towards businesses and investors during his international travels, President Tinubu emphasized the urgency of codifying and simplifying fiscal and tax policies. He aims to ensure that the business environment fosters value creation, stating, “Nigeria is ready and open for business.”
President Tinubu also unveiled plans for the agricultural sector, already in motion with the commencement of dry-season farming in Jigawa. The ambitious initiative involves cultivating 500,000 hectares of farmland nationwide to grow essential crops like maize, millet, rice, and wheat. This strategic move is designed to enhance food security in the country.
Despite the President’s declaration of a state of emergency on food security in July, food inflation currently stands at 32.84%. President Tinubu is determined to address this challenge: “To ensure constant food supply, security, and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands.”
In July, the President established a Presidential committee on fiscal policy and tax reforms chaired by Taiwo Oyedele. The committee, comprising representatives from the public and private sectors, civil society groups, and students, aimed to refine the country’s fiscal policy, tax laws, and regulations.
The committee’s mandate included achieving a substantial tax-to-GDP ratio of 18%, reducing multiple taxation, curbing tax evasion, and promoting a robust tax culture. In November, the committee produced a quick-win report outlining initiatives that could be swiftly implemented. However, some proposed reforms may require amendments from the National Assembly, as the committee’s chairman mentioned.
President Tinubu’s proactive approach to tax reforms and agricultural development reflects Nigeria’s strategic vision for economic growth and sustainability. The quick implementation of these initiatives is anticipated to positively impact businesses, investors, and the overall economic landscape.
