Index to Nigerian Newspapers

The Presidential Fiscal Policy and Tax Reform Committee, led by Taiwo Oyedele, has submitted 20 recommendations to the President of Nigeria regarding various economic aspects. The committee focuses on taxation, job creation, foreign exchange reform, ease of doing business, investment, and relief from the pains of petrol subsidy removal. The committee also proposes the digitisation of the foreign exchange (FX) regime to discourage speculation and hoarding of foreign currency in cash. The committee also calls for the imposition of excise tax on FX transactions to generate revenue. It also suggests forward contracts for the importation of Premium Motor Spirit (PMS) as a short-term solution while waiting for improvements in key economic indicators. The committee also calls for the suspension of multiple taxes, modification of the Tax ProMax system, Data4Tax, personal income tax, tax breaks for the private sector, payment of taxes in Naira, waiver of penalties and interests, FX reforms, social intervention, mobile phones for cash transfers, civil service reform, policy signaling and collaboration, global employment opportunities, export expansion grants, and tariff review. The committee's recommendations aim to address the contentious issue of multiple taxation, digitalize the FX regime, and encourage collaboration among government agencies and economic management teams. They also aim to remove bottlenecks for export expansion grants and facilitate cross-border trade.