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  • Elites, politicians evade tax – Oyedele

    Elites, politicians evade tax – Oyedele

    By Sherifdeen Amusa

    The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has noted that while the most vulnerable people are paying multiple taxes, the middle, upper class and the politicians are evading tax.

    Oyedele said this on Thursday, the first day of the Integrated National Financing Framework (INFF) Core Working Group Retreat held at the Continental Hotel, Victoria Island, Lagos.

    The INFF is the framework for financing national sustainable development priorities and the Sustainable Development Goals (SDGs) at the country level.

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    “Our revenue percentage is embarrassingly low because we mostly collect taxes from the vulnerable people and we allow the upper middle class, the elites and the politicians to evade tax. We cannot continue like that anymore,” he said.

    Taiwo said that the vulnerable are the most taxed in Nigeria and there’s no way Nigeria could get adequate revenue by taxing her most vulnerable citizens.

    He said: “The vulnerable people are overtaxed in Nigeria. Go on the street and see the vulcanizer, the pure water seller and the market trader associations pay about 6 to 7 levies  every daily. It can’t make sense. We can’t become a wealthy country by taxing poverty. If you look at the exemption threshold for Personal Income Tax (PIT), people who earn around 30,000 has to pay PIX. You can’t survive even if you’re living alone. Why should you pay tax?  Even in some countries, you get credited instead so you can meet your basic need”.

  • Oyedele proposes tax exemption for vulnerable, poor people

    Oyedele proposes tax exemption for vulnerable, poor people

    The chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele has proposed a tax exemption for poor and  vulnerable people in the country.

     He said he believes the country does not need to increase taxation to generate revenue.

     Oyedele said this on Channels Television’s Politics Today.

    “Sadly, the system we have today is trying to tax everything and everybody. You know, if it moves, tax it; if it moves again, tax it even more. That seems to be the approach we have today,” he said on Friday.

    “You would imagine that those who are selling sachets of water, which we call pure water, how much possibly can be their capital plus profits.

    “With all the hard work, people are just trying to see if they can find N800 or N1,000 a day to take care of themselves and their families, which would cover their transport or feeding.

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    “But when we were speaking to market traders associations, they told us that these guys are paying about six to seven different levies every single day, and they give them some form of sticker.

    “And that clearly is not acceptable. We’ve also seen truckers who are moving produce, including food, from one state to another have to pay more than N450,000 in one single trip. Sometimes the stickers add up to more than 50.

    “So, at the end of the day, this is the reason why, for example, if you looked at the last inflation numbers, even just between rural areas and urban areas, the difference in inflation is about 500 basis points, which is about 5 percent, which you can only just explain by way of transportation but by the time you add the taxes to it. You see, that is one of the reasons why that differential is so significant.”

    According to him, while the country faces revenue challenges, Nigeria can make more money without raising taxes.

    “So, we do believe based on the analysis we have done and the data available to us that the right way to go is not to introduce more taxes. And in fact, if you’re gonna raise the rates of any tax, it has to be something that we’re doing as a result of the consolidation and harmonisation,” Oyedele said.

    “We do think that having fewer taxes are broad-based, easy to collect, and do not place a burden on the bottom of the ladder of society is the way to go.

    “And by using data, intelligence, and technology, we can close the tax gap so that people who have not been paying before begin to pay – who have been identified as people who should be paying – and the poor people should be legitimately exempted, particularly nano, micro businesses and low-income earners.”

  • Ìjọba àpapọ̀ gbọ́dọ̀ ṣàfikún owó orí tí wọ́n fi n kún ọjà – Oyedele

    Ìjọba àpapọ̀ gbọ́dọ̀ ṣàfikún owó orí tí wọ́n fi n kún ọjà – Oyedele

    Kayọde Ọmọtọṣọ

    Alaga igbimọ to n ri si atunto ọrọ owo ori nilẹ wa, Taiwo Oyedele, ti ni o ṣe pataki ki ijọba apapọ ṣafikun owo ori ti wọn fi n kun ọja, iyẹn VAT. Ọjọ Aje, Mọnde, ọsẹ yii ni Oyedele sọrọ yii pẹlu alaye pe awọn yoo ṣe atungbeyẹwo ọrọ to jẹ mọ owo ori ti wọn fi n kun ọja nilẹ wa.

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    Nibi apero kan ti igbimọ ọhun gbe kalẹ ni Oyedele ti sọrọ yii. O ni awọn tun n gbero lati ṣafikun ida owo ti ijọba apapọ ati ijọba ibilẹ yoo maa pin ninu owo ori naa si ida aadọrun, bẹẹ si ni awọn dabaa ki adinku de ba iye ida ti ijọba apapọ n gba pẹlu ida marun-un pere. 

    O waa fi da awọn ọlọja loju pe awọn ti ba awọn oniṣowo nla sọrọ nipa rẹ, wọn si ti fi da awọn loju pe wọn ko ni i ṣafikun iye owo ọja ti wọn n ta.

  • It’s my turn to govern Ondo, says Oyedele

    It’s my turn to govern Ondo, says Oyedele

    A governorship aspirant in the Ondo All Progressives Congress (APC) April 20 primary election, Engr. Ifeoluwa Oyedele has expressed confidence in winning the ticket to fly the party’s flag in the November Governorship Election.

    Addressing newsmen after submitting his expression of interest and nomination forms at the APC headquarters in Abuja, the designer of the APC logo boasted that the time has come for him to take over the leadership of Ondo State.

    Repeating the historic Abeokuta declaration, Oyedele who is the President of the University of Lagos Alumni Association (Worldwide) told newsmen that “it is his turn to govern the Sun Shine State”

    Oyedele, who is also the president of University of Lagos alumni (worldwide), boasted that the time has come for him to take over the leadership of Ondo State.

    The governorship hopeful who recalled his sacrifices to the party since its inception, reminded party members and the people in the state of how he stepped down for Late Governor Rotimi Akeredolu in compliance with the party directive, insisting he is the most experienced and competent of all the 16 aspirants.

    He said:“I’m not new to this process. You will recall that in 2020, I was the frontline challenger against late Rotimi Akeredolu. Following persuasion from party leaders, I willingly and unconditionally stepped down for the then-Governor to ensure that the party was not disunited. For the first time in the history of party politics, all the aspirants rallied behind Akeredolu in the elections and APC won.

    “In 2022, I was in Costa Rica when party leaders called me to return home immediately to contest for the office of the National Secretary of the party.

    ” Again, following the intervention of party leaders, I was persuaded to step down unconstitutionally to ensure party hegemony is retained.

    ” I have made these sacrifices because I can say, with all due respect and humility, that I am one of the founding fathers, having participated actively in the APC merger committee. I was also fortunate to be the one who designed the logo of the APC, which is today the identity of Africa’s largest political party.

    “There is no doubt and I said this with all sense of responsibility and respect that of all the aspirants that have so far signified their intentions, I am the most competent and experienced. Therefore using the foremost words of the President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu, I can say in Ondo state ‘Emi lokan.’ I think it is my turn.”

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    While submitting his nomination forms, APC National Chairman, Dr. Abdullahi Umar Ganduje, acknowledged the sacrifices of the Executive Director of Niger Delta Power Holding Company to the growth of the party.

    Ganduje, who spoke through the party’s Deputy National Organising Secretary, Nze Chidi Duru said: “We know before now of your contribution to the party, if I remember correctly not too sure, there was an indication of your name gunning across the board for APC National Secretary of, which you then step down and let go for peace.

    “You have shown your support and sportsmanship, more importantly, you have shown that you’re a unique party man, in 2020, in the general interest of the party you forgo the interest, and aspirations to be the governor to the greater interest of the party, I hope this is the time for the party to do this in your favour.”

  • N650/$ exchange rate likely by December, says Oyedele

    N650/$ exchange rate likely by December, says Oyedele

    • CBN: no plans to restructure, redenominate naira

    The Federal Government is seeking to have the Naira exchange for N650 to the dollar by next month.

    Tax expert and Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, in an interview with Bloomberg predicted that the true value of the naira would be reflected by December.

    Meanwhile, the Central Bank of Nigeria (CBN) has denied reports that it plans to restructure and redenominate the naira by January 2024.

    The CBN Director, Corporate Communications, Isa AbdulMumin, said there was no plan by the apex bank to carry out such exercises but hinted on possibility of currency reforms.

    He said: “The attention of the Central Bank of Nigeria has been drawn to the wide circulation of a text message suggesting that the bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024. We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.”

    Oyedele said the Federal Government will be introducing new foreign exchange (forex) rules (already part of the recommendations his committee made to President Bola Tinubu), including a crackdown on illegal currency trading, to help the naira reach a “fair price” of N650-750 to the dollar by year-end.

    Oyedele said the Federal Government planned to clear a backlog of dollar demand, bolster the naira forward market, and set transparent rules for the official market.

    He added that the Federal Government also wanted to expand the official market to include legitimate transactions, while snuffing out the illicit “black market” for foreign currency.

    If Oyedele’s predictions are accurate, the naira could appreciate significantly in the coming months. This would have a number of positive implications for the Nigerian economy, including: reduced inflation; increased economic growth; improved purchasing power for Nigerians; increased foreign investment and job creation.

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    Overall, a stronger naira would be a positive development for Nigeria and its citizens.

    Oyedele during a presentation on “Building Resilience Through Domestic Revenue Mobilisation” at the inaugural session of the annual African Tax Administration Forum (ATAF) meeting in Cape Town, South Africa, yesterday called on other African countries to adopt a robust tax system that can adapt to the constantly evolving global economic landscape.

    He stressed the importance of designing an efficient tax system that offers stability and adaptability to help nations navigate uncertain times.

    In his presentation, Oyedele outlined key approaches to building a tax system that can withstand challenges.

    He underscored the necessity of modernization and the utilization of technology to improve tax collection and administration. Additionally, he emphasized the importance of aligning tax policies with the ever-changing global economic landscape.

    Oyedele said: “A resilient tax system should possess flexibility and agility to respond to changing circumstances and global shifts. It should be grounded in principles of transparency, fairness, and efficiency.”

    He also advocated for international collaboration and the sharing of information to address tax-related issues in an increasingly interconnected world.

    Oyedele sad a resilient tax system isn’t just a means of revenue collection but is a fundamental pillar for a nation’s economic resilience and sustainable growth.

    AbdulMumin, in a statement, said: “The attention of the Central Bank of Nigeria has been drawn to the wide circulation of a text message suggesting that the bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024. We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.”

    He described the contents of the message as misleading. “The authors of the message, in their mischief, modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent. For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira. Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007,” he said, urging  the public to ignore the report, as it is speculative and calculated to cause panic in the polity.

  • Oyedele explains how committee will spend N5bn

    Oyedele explains how committee will spend N5bn

    The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee Taiwo Oyedele has explained how his committee will spend the N5 billion former Executive Chairman of the Federal Inland Revenue Service FIRS) Muhammad Nami paid to the Joint Tax Board to fund the Committee.

    Reacting to Nami’s revelation, Taiwo Oyedele on his twitter handle, said the Committee’s budget includes provisions for a national “Data for Tax” project, which aims to reform the tax system.

    This project, he said, was initially meant to be funded by the federal government and states but faced a lack of funds, causing it to be included in the Committee’s budget.

    Other expenses covered in the Committee’s budget include office setup, salaries for staff, travel logistics, stakeholder engagements, and international engagements.

    The Committee’s mandate, Oyedele said, includes ensuring prudence and accountability in resource management. As a result, it operates on a voluntary basis, with members receiving reasonable allowances to cover expenses.

    Oyedele disclosed that over N4 billion of the amount is still intact in the JTB account.

    According to Oyedele in his tweet, “We are aware of a recent story regarding some funds transferred by the FIRS to the Joint Tax Board (JTB) for the Presidential Fiscal Policy and Tax Reforms Committee. 

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    “The Committee’s budget includes provisions for a national “Data for Tax” project which the JTB has been championing for over 2 years. The project was presented to the National Economic Council in 2022 and was meant to be funded by the federal government and the 36 states. However it stalled due to lack of funds. Given the importance of the project to the effective reform of our tax system, it was included in the Committee’s budget.

    “Other expenses included in the Committee’s budget, which has the approval of the National Assembly, include setting up of offices for the Committee in Lagos and Abuja, payment of salaries for the full time staff engaged by the Committee, travels and other logistics for over 70 members representing more than 40 institutions and stakeholder groups mapped to 6 different Subcommittees, more than 30 Secretariat personnel and over 40 students across the country. In addition, the budget covers planned stakeholder engagements with various sectors and interest groups, as well as international engagements and understudy of some leading tax regimes around the world, and so on. The budget covers a period of one year being the lifespan of the Committee.

    “It should be noted that the Committee was not set up simply to produce reports and recommendations, we are also charged with the implementation of recommended and approved proposals which need to be funded.

    “The Committee’s mandate includes ensuring prudence and accountability in the management of our national resources. It will therefore be a contradiction for the same Committee to be wasteful or reckless in its own affairs. Members of the Committee work on a volunteering basis and are only paid reasonable allowances to cover their out of pocket expenses as we cannot afford to pay the commercial value for their time, skills and experience. As the Chairman of the Committee, despite working full time on the assignment, I do not receive a salary.”

    He said: “All the expenses of the Committee are properly documented and available for audit. We collect receipts for fuel, stationeries, and virtually every Naira that we spend to the extent possible. Over N4 billion of the said funds transferred by the FIRS to the JTB for the Committee’s work is yet to be spent and very much intact in the JTB account.”