Taiwo Oyedele: Government processes often move at a very slow pace

Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms, announced on Tuesday that the Withholding Tax Regulations 2024 have been officially gazetted.

He shared this update during an event organized by Channels Television to commemorate Nigeria’s Independence Day. The event, titled “Nigeria’s Challenging Economy: Strategies for Recovery,” aimed to address the nation’s economic challenges and explore strategies for recovery.

Oyedele revealed that the new tax regulation would be published on Wednesday, marking a significant milestone in Nigeria’s ongoing fiscal policy reforms.

The taskforce has been conducting a thorough review of the country’s tax policies, with the regulation of withholding tax being part of this larger initiative. Gazetting the regulation is a formal step that makes it official, and it will come into effect once it is published.

During the event, Oyedele highlighted the issue of bureaucracy within the government, which can slow down the implementation of policies. He noted that this inefficiency often hampers effective governance.

The taskforce’s fiscal reform efforts are aimed at addressing these challenges by streamlining processes and creating a more efficient government structure.

By pinpointing these areas of delay, the taskforce hopes to establish a system where the public can feel the impact of government decisions more swiftly.

The withholding tax reform is expected to lighten the load on taxpayers and encourage better compliance. The new regulations aim to simplify the tax collection process, making it more transparent and efficient.

This reform is part of a broader effort to strengthen Nigeria’s revenue generation, which is critical for the country’s economic recovery.

The tax changes are also in line with the government’s goal of reducing dependence on oil revenues by diversifying its income sources.

The event also addressed the broader economic challenges Nigeria faces, particularly with regard to revenue generation and fiscal sustainability.

As the country navigates economic difficulties, reforms like the new withholding tax regulations are viewed as essential for stabilizing the economy.

The taskforce has stressed the importance of a balanced fiscal policy that fosters growth while ensuring sufficient revenue collection.

Oyedele remarked, “We’ve observed that many government processes are slow, and bureaucracy could be more efficient.

One of the benefits of pursuing holistic fiscal reform is that we’ve identified areas where we can improve efficiency, so that when the government gives approval in the future, the public can immediately feel the impact.”