N10trn revenue: Nigeria’s new tax law awaits National Assembly approval – Oyedele

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Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said that his committee has drafted a new tax regulation to amend existing laws to achieve its N10 trillion revenue drive.

Oyedele disclosed this recently while speaking at a stakeholders’ forum organized by the Harvard Business School Association of Nigeria in Lagos.

According to him, the draft of the new tax regulation is an emergency bill that awaits lawmakers’ approval in the country.

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“We have drafted a new tax regulation. The only reason why it hasn’t been published is that some of the things we included will amend the existing laws, so we put the amendment in the emergency bill waiting for the lawmakers to pass, so we can then issue the regulation,” he said.

He added that the goal of the new tax law will be to provide comprehensive tax reforms to enhance economic growth and ease the burden on businesses.

Oyedele also noted that Nigeria can earn N10 trillion annually by efficiently managing its non-oil assets.

He said that the country’s non-oil assets, estimated to be around N80 trillion and N100 trillion, are yet to get sufficient attention and are mismanaged.

“We found out that other than oil, when talking about assets. Some estimates, although still being worked on, show something in the region of N80 to N100tn scattered all over the place. As a country, we haven’t shown any care about those assets such that they have been mismanaged.

“We also found an asset worth trillions of naira, and someone even dared to register a company with the Corporate Affairs Commission to hold those assets and the shareholders are still in this same Nigeria,” he added.

According to Oyedele, improving asset management and selling underperforming assets can help generate liquidity and stimulate economic growth.

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