NEW TAX POLICY COMMITTEE INAUGURATED TO BOOST TRANSPARENCY AND COMPLIANCE

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday inaugurated the National Tax Policy Implementation Committee (NTPIC), describing the move as a major step toward a modern, transparent, and technology-driven tax system aimed at boosting Nigeria’s economic competitiveness.

Speaking at the event — with some participants joining virtually — Edun said the recently enacted tax legislation marks one of the most significant updates to Nigeria’s tax framework in recent years. He emphasised that successful implementation will require disciplined coordination among government agencies, broad national consultation, and clear, confidence-building communication, particularly with the private sector and financial markets.

Highlighting the effects of recent market volatility caused by misinterpreted information, the Minister stressed the need for clarity and accuracy in public communication.

“Our communication must calm the markets, build confidence, and engender trust,” Edun said.

He also reassured Nigerians and investors, stating, “Government cannot intrude into private bank accounts. Our focus is lawful, transparent reform.”

Edun noted that the ongoing reforms are central to President Bola Ahmed Tinubu’s Renewed Hope Agenda and align with the Economic Management Team’s efforts to stabilise the economy, boost investment, and improve the overall business climate.

In his inaugural remarks as Chairman of the NTPIC, Mr. Joseph Tegbe expressed gratitude to the President and the Minister for their confidence, pledging a balanced and private-sector-friendly approach.

“Tax reforms must never stifle enterprise or innovation,” Tegbe said. “Our work will uphold the principles of equity, certainty, convenience, and competitiveness.”

The committee is expected to begin work immediately. Subcommittees and a December work plan will be unveiled as the team works to harmonise implementation strategies, resolve administrative bottlenecks, and ensure a coherent rollout aimed at strengthening public trust, enhancing compliance, and supporting long-term economic growth.