Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has urged the Nigerian government to implement urgent fiscal and tax reforms aimed at stabilising the Naira and supporting small and medium-sized enterprises (SMEs).
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Speaking during his 50th birthday policy lecture titled “Designing Tomorrow – Policy Blueprint and Lessons for the Future,” Oyedele said ongoing reforms remain incomplete. He stressed the need to cut corporate tax rates, ease regulations, and reduce import tariffs on raw materials to lower production costs for SMEs and attract investment.
“With high inflation, taxing profits at current rates effectively means taxing capital,” he stated.
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Naira depreciation linked to poor coordination
Oyedele compared Nigeria’s trade balance with that of Kenya and South Africa over the past decade and noted that despite similarities, the Naira has lost six times more value. He blamed this on weak policy coordination.
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He proposed smarter fiscal policies, including allowing businesses that do not earn in foreign currency to pay taxes in Naira. He also advocated digitalising government processes and advised that the government should focus on roles the private sector cannot perform.
He called for high-quality, non-inflationary spending to create a stable environment for local enterprises.
