Tax Reform Bill will reduce poverty, empower Nigerians – Presidency

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has assured Nigerians that the proposed Tax Reform Bill will help curb poverty and uplift ordinary citizens, especially low-income earners and small business owners.

Speaking at the Spokespersons’ Summit organised by the Nigerian Institute of Public Relations (NIPR) in Abuja, Oyedele emphasized the need for inclusive and data-driven tax policies that benefit the masses. He noted that while taxation might not be popular among the public, especially when its impact is unclear, the new bill is designed to bring visible improvements to everyday lives.

According to him, one of the major highlights of the bill includes the exemption of low-income earners from paying Personal Income Tax (PAYE) and the removal of Value Added Tax (VAT) from essential items like food, education, and healthcare. Additionally, the bill proposes a zero per cent Corporate Income Tax (CIT) for small businesses.

Oyedele said, “The issues of tax and taxation are not attractive to the ordinary person, especially when they can’t see how their money is being used. That’s why we designed this bill using data and insights from Nigerians, for the benefit of Nigerians.”

He explained that the goal is to help citizens build wealth without being burdened by taxes at the early stages of growth. “We want Nigerians to become successful and pay taxes when they make it big, not the other way round,” he said.

Commending NIPR for hosting the summit, Oyedele said the tax reform has been met with some misconceptions and opposition, but ongoing engagement with stakeholders has been vital in correcting misinformation.

President and Chairman of Council, NIPR, Dr. Ike Neliaku, stressed the importance of integrating communication professionals into policy formulation. He noted that proper communication strategies can make even the most complex policies understandable to the public.

“The tax reform was misunderstood because of poor communication. As professionals, we must develop a strategic tax communication framework to help the public understand and support reforms,” Neliaku said.

Also speaking at the event, Dr. Nkechi Ali-Balogun, a fellow of the NIPR, called for a gender-sensitive approach to taxation. She advocated tax exemptions for women, especially single mothers who are increasingly becoming breadwinners.

The summit provided a platform for in-depth dialogue on how reforms, especially those related to tax, can be better communicated and implemented for the benefit of all Nigerians.