The importance of strong tax laws in promoting lawful economic activity and propelling Nigeria’s growth has been emphasized by Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Oyedele said these things while speaking to stakeholders at a high-level workshop on economic sustainability and budgetary reforms.
Taxation should be viewed as a component of the social and economic agreement between the people and the government, according to Oyedele.
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Taxes are the result of economic activity, according to the socioeconomic contract. Therefore, laws and taxes must not be used to stifle reasonable economic activity,” he said.
Oyedele added that the process of developing sensible policies needs to transcend public opinion or popularity.
“Good policies don’t necessarily follow from popular opinions. “What if we have everyone at the table because we want to be inclusive, but we don’t have any reliable data? We’re just having a meeting, not defining policy,” he remarked.
In order to guarantee that government policies and tax reforms accomplish their goals without negatively impacting the economy’s productive sectors, he underlined the significance of reliable statistics.
Attendees included academics, corporate executives, and legislators. The event offered a forum for talking about Nigeria’s fiscal future and how to improve the nation’s tax structure while promoting economic expansion.
