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Presidential Committee on Fiscal Policy & Tax Reforms




    Terms of Reference 

    1.        Steering subcommittee 
    • Provide overall direction for the committee and report to the President
    • Set the guiding principles and governance for the committee and subcommittees
    •  Review and approve the work of other subcommittees and any variations as may be necessary
    • Ensure effective handshake between and among subcommittees
    • Press briefings and stakeholder communication
    • Oversee and manage key stakeholders engagement e.g. with NASS, NEC, NGF etc
    • Facilitate implementation of approved reform measures and other recommendations
    2.        Fiscal Management
    • Review and propose changes to the Fiscal Responsibility Act
    • Develop a Fiscal Risk Framework for Nigeria including appropriate fiscal targets and limits e.g. debt service to revenue ratio, recurrent to capital expenditure ratios etc
    • Measures for sustainable policy design, implementation, and regular reviews including framework for a Fiscal Policy Committee (FPC)
    • Recommend optimal fiscal approach to achieve SDGs, Energy transition and greener economy, Multidimensional poverty reduction, etc
    • Strategy to enhance subnational collaboration and handshake with monetary and other policies
    • Identify fiscal improvements to the budgeting process at federal and subnational level
    • Revenue reporting including annual reports by revenue agencies aligned with international best practice
    • Measures to drive full tax compliance by MDAs and various tiers of government
    3.        Fiscal Competitiveness and Economic Growth
    • Reforms in ports and customs procedures
    • Fiscal and tax measures to make Nigeria an attractive and competitive destination, hub for tech & other startups, R&D & innovation centre, HQ/shared services and remote work location etc
    • Measures for effective domestication and implementation of ECOWAS and AfCFTA treaties
    • Promoting entrepreneurship and NMSMEs, incentives rationalisation, enabling the capital market etc
    • Identify and remove unfair tax provisions, fiscal hurdles and disincentives to inclusive growth/development
    • Develop a framework for the establishment of the Office of Tax Ombudsman & Tax Simplification
    • Measures to counter multiplicity of taxes, earmarked taxes, levies and charges
    • Explore alternative funding models for critical MDAs and regulators that do not involve imposition of taxes & levies on businesses
    4.        Tax Policy Review
    • Review and update the 2017 National Tax Policy
    • Recommend action plans for Nigeria in response to international tax developments including the 2-Pillars Solution, illicit financial flows, etc
    • Develop a sustainable policy framework to protect the poor and vulnerable population
    • Prescribe suitable policy for the taxation of informal sector and NMSME including measures to tackle informal taxation by non-state actors
    5.        Tax Law Reform 
    • Review and redraft the major tax laws including CITA, PITA, CGTA, VATA, SDA, etc
    • Prepare draft Executive Orders and Regulations for proposed reforms and measures that do not require legislative changes
    • Recommend Constitutional amendments and changes to strengthen Nigeria’s fiscal federalism
    • Advise and facilitate possible translation of the major tax laws into Nigeria’s major local languages
    6.        Revenue Administration
    • Harmonisation of revenue agencies and collection functions to enable MDAs and regulators focus on their core mandates
    • Use of Data for Tax intelligence and economic planning including data points for a robust social register
    • Capacity building for revenue agencies and institutionalising professionalism
    • Modernisation and automation, and response to challenges of the digital economy
    • Improve efficiency of collection and target a 1% cost of collection within the next 4 years
    • Curbing corruption in revenue administration and measures to enhance taxpayers trust e.g. whistleblowing framework
    • Structures to enhance and sustain voluntary compliance including tax agents accreditation, enhanced compliance framework (cooperative compliance), etc

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    Terms of reference


    Guiding Principles

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