Abuja, Aug. 29, 2023: Vice President Kashim Shettima has urged members of the Presidential Committee on Fiscal Policy and Tax Reforms to develop a robust roadmap that will transform the nation’s economy.
Shettima gave the advice on Monday when he received the members of the Committee, led by its Chairman, Mr Taiwo Oyedele at the Presidential Villa, Abuja.
” The task before you is enormous, I believe you have the best brains to come up with a robust roadmap that will reposition our economy.
“And to address some of the fundamental issues underlying our fiscal and tax policies, fiscal and tax policies are key to the realisation of any nation’s economic development.
“I believe you will come up with a roadmap to salvage our nation, we are in a big mess, but I have confidence in your team. This is a great nation chained by poor governance, chained by many challenges”
He described President Bola Tinubu as man of courage and conviction and a progressive man in the Nigerian political space.
Shettima, who stressed the importance of fiscal policy and tax reforms, noted that it was a potent tool for resource mobilisation.
According to him, the committee should make recommendations that are quick deliverables in view of the nation’s current economic realities.
While assuring them of the National Economic Council’s cooperation, he said “our focus should largely dwell on domestic resource mobilisation.
” Especially with trends in the world today, even the biggest economies in the world are faced with this reality.”
The Vice President said further that fiscal policy and tax reforms were critical for meeting national aspirations.
” This is also taking global dimensions with global realignment of forces with the emergence of BRICS and current geo-politics, ” he said.
Shettima, who praised the composition of the committee, said that the composition of the committee bears testimony to the seriousness that the Tinubu attaches to its mandate.
” Honestly, I am proud of you. I am personally conversant with some of the members of this committee who are men and women of impeccable character, high integrity, committed and patriotic.”
Earlier, Special Adviser to the President on Revenue, Zaccheus Adedeji, said that the committee would be interested in working with the NEC, chaired by the Vice President.
” This will ensure effective collaboration with the sub-national governments who are critical stakeholders’ group in the task before the committee.”
In his remarks, Oyedele, said that the committee was excited for the opportunity to help the country to redefine and redesign a new fiscal policy framework.
” We are focused on our mandate as directed by Mr President which covers fiscal governance, revenue transformation and fiscal competitiveness and economic growth facilitation.”
He assured that the committee would engage with Nigerians both at home and abroad as well as with all segments of the society.
He expressed the readiness of the committee to engage with sub-national governments through NEC in achieving its mandate.
” I’m the chairman of the presidential fiscal policy and tax reform committee. And the reason why we are here is to see His Excellency, Vice President Kashim Shettima.
” The mandate given to us by Mr President is to help our country regarding matters of fiscal governance, which is really about how do we manage our revenue.
” As well as revenue transformation beyond tax. So, this is both tax and non tax, as well as how do we facilitate economic growth so that people can have prosperity? That is inclusive.
” So, we came here today to pay courtesy visit and to give His Excellency an updates about what we’re doing and more importantly, and to ask for his support and guidance, particularly engaging with the sub national government.
” This is important because our assignments will be incomplete and unsuccessful without the support from the governors, as well as even the Local Government Areas.”
He noted that the committee was different from the previous ones for two major reasons.
” The President has the political will to follow through our recommendations which may not be the usual recommendations that people are comfortable with.
” But we’re putting the interest of our country first, and all the way through. The second thing is Mr President was very clear, that he was not interested in committees writing reports.
” He has said to us as you recommend, how you get the approval, go ahead and help me to implement. So, that’s why we have milestone three of them.
” The first one is the first 30 days, which is where we’re focusing on the quick interventions around fuel subsidy removal, exchange rate stability, and then we have the second milestone, which is the first six months.
” First six months of critical reforms; We plan to rewrite the law. So, that will remove the burden on the poorest people.
” And then lastly is one year which is implementation, and the good thing is that the 30 days, six months and one year, will run concurrently, so, we’re already counting down to our first 30 days. ”