‘Oyedele-led  Tax Reform Committee Will Create New Revenue Ideas’

Kayode Tokede

An economist, Mr. Marcel Okeke has commended the federal government on the Taiwo Oyedele-led Committee on fiscal policy and tax reforms, stressing that it will bring new revenue-generation ideas for Nigeria.

He further expressed optimism that the committee would work towards harmonising taxes to provide relief for companies and individuals.

Okeke made the observations at the well-attended monthly forum of the Finance Correspondents Association of Nigeria (FICAN) held in Lagos.

While discussing the 2023 half year economic outlook, Okeke however, said that a critical look at the palliative measures show that they are a rehash of what the previous administration did.

He submitted that what the Nigerian economy badly needs at this time is a stimulus package rather than mere palliatives that are likely to end up in the wrong hands and pockets.

 Palliatives, he said, (especially cash transfers) are unearned, unproductive ‘transfer payments’ that do not make for any economic progress.

The  forum has as its theme; “The Impact of Post-Inauguration Fiscal, Monetary Policy Reforms on Nigeria’s Macroeconomic Environment”.

Okeke emphasised the need to diversify the economy by developing sectors like agriculture and manufacturing, reducing dependence on oil.

He highlighted other factors affecting the Nigerian economy, such as the coup in Niger Republic, implementation of palliatives, insecurity, and oil theft.