The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has stated that the process of translating the gains at the macro level to households is ongoing.

Oyedele stated this during the Haulage and Logistics Magazine Annual Conference and Exhibition 2025 edition, themed: “Tax Reforms From Policy to Practice: Challenges and opportunities for the Nigerian Haulage Industry.”

According to him, the federal government now generates more money to service debt, attributing the increase in government coffers to the reforms under President Bola Ahmed’s administration.

SPONSOR AD

“These reforms have been painful, but they have been necessary. As a result of these reforms, we are now seeing a turnaround in the macro. The government now generates far more than they need to service debt. Debt service now is under 60 per cent,” he said.

He acknowledged the high cost of basic needs for households, but stressed that efforts are underway to translate the gains at the macro to micro level.

“Transportation is high. Life is difficult. That is a fact, and we must acknowledge it. The charge and the priority for policy makers and our politicians is how to translate these macro results into micro outcomes for the household and individuals. 

“That process is ongoing. You would agree with me that while the nation was in trouble, everything else was in trouble, including businesses and individuals.

“Now, the national level macro is getting into shape. Even the largest businesses in Nigeria, like MTN, Nestle entered negative, shareholders’ funds are beginning to turn positive. Now, the way it works is national, businesses, and households. So, the next national level is us, the Nigerian people,” he said.

He emphasized the need for taxation, reiterating that the tax reform law was introduced to create an enabling environment for businesses by reducing the burden of multiple taxation.

“The reform set up by the President, for which I have the privilege and the opportunity to lead a team of more than 100 patriotic eminent, well-qualified Nigerians from all walks of life, was designed to solve these problems,” he said.