President of Dangote Group, Alhaji Aliko Dangote, lauds President Bola Tinubu for inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, led by renowned tax expert, Mr. Taiwo Oyedele. Dangote expresses confidence in the committee’s ability to bolster non-oil revenue for the federal government and curb revenue leakages. He acknowledges the pivotal role taxes play in funding social services and infrastructure development.
Strategic Tax Reforms
The collaboration between the Tertiary Education Trust Fund (TETFund) and the Nigerians in Diaspora Commission sets the stage for innovative tax reforms. Aiming to harmonize and expand the tax net, Dangote emphasizes the need for transparency and automation. The proposal aligns with the Indian model that maximizes revenue collection while facilitating development.
Sole Revenue Collection Agency
The federal government contemplates designating the Federal Inland Revenue Service (FIRS) as the sole revenue collection agency at the federal level. This measure intends to streamline revenue collection and reduce duplication of roles among other Ministries, Departments, and Agencies (MDAs). While Dangote acknowledges that some companies evade taxes, he urges the government to expand the tax net to include all stakeholders, ensuring a fair and effective tax collection system.