QUICK WINS REPORT

The Presidential Fiscal Policy and Tax Reforms Committee was set up by President Bola Ahmed Tinubu to review and advise on reforms to shape Nigeria's fiscal policy and tax system.

The Committee’s terms of reference covers Fiscal Governance; Revenue Transformation and Economic Growth Facilitation.

The work of the committee is further divided into 3 phases, being Quick Wins within 30 days; Critical Reforms within 6 months and Implementation within 1 year.

The committee has presented its reports to the President with key recommendations to address critical economic issues ranging from exchange rate management, impact of fuel subsidy removal, moderation of inflation, and facilitating economic growth. The key recommendations include, but not limited to:

1. Measures to address duplication of functions in public service, ensure prudent public financial management and optimize value from government assets and natural resources

2. Policy signalling and collaboration by MDAs, economic management, and policy execution team

3. Use of technology “Data4Tax” to expand the tax net

4. Increase personal income tax exempt threshold and personal relief allowance

5. Tax break for private sector in respect of wage increases to low-income earners, transport subsidy and net increase in employment

6. Permit the payment of taxes on foreign currency denominated transactions in Naira for Nigerian businesses.

7. Remove impediments to global employment opportunities for Nigerians based in Nigeria

8. Suspension of VAT on diesel and tax waivers on CNG, CNG conversion, and renewable energy items

9. Comprehensive review of tariffs on the 43 items unbanned from accessing forex in the official market and fiscal policy review of other items prohibited for imports

10. Reforms of Withholding Tax Regulations to ensure simplicity and ease the pressure on working capital of businesses

11. Facilitate the use of mobile phones for conditional cash transfers and introduce a spending framework for subsidy removal and forex reform windfall, including a national portal to track spending by FG, states and local governments

12. Suspension of multiple taxes which place burdens on the poor and small businesses and compensate with windfalls revenue of certain agencies

13. Expand the official foreign exchange market to incorporate BDCs, forex apps and retail fx dealers, and outlaw transactions in the black market

14. Digitalise Nigeria’s fx regime and discourage speculative demands and hoarding of fx in cash

15. Imposition of excise tax on foreign exchange transactions outside the official market
16. Implement forward contracts for the importation of PMS as a short-term measure pending improvement in key economic indices

17. Discontinue with the fx verification portal and requirement for Certificate of Capital Importation and export proceeds restriction

18. Address impediments to export promotion and bottlenecks regarding Exports Expansion Grants, and remove restriction on repatriation and use of export proceeds by exporters

19. Modify Tax ProMax to allow taxpayers to make part payments of outstanding tax liabilities

20. Grant waiver of penalty and interests on the condition of full payment of outstanding tax liabilities on or before 31 December 2023

Today as it remains 68 days to end the year 2023. May the authority of God's WORD become your DELIGHT and ATTRACTION in the Name of Jesus Christ. May the dominion of God's POWER become your HEALING and Comfort. May the assurance of God's MERCY become your REFUGE and Strength. May the presence of God's LOVE become your SONG and SECRET. I decree and declare, the Miracle that will change the situation of things in your life, home and endeavours shall manifest henceforth in the Name of Jesus Christ. Do have a miraculous days ahead and may PEACE govern your steps throughout the remaining days of the year 2023 in the Name of Jesus Christ.
From the desk of Pastor Dr. SAO Apetuje.

Good morning to all great peoples here. It's mid-week as we are all on for business activities the day.

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