Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy, claims that his committee has recommended that the Federal Government eliminate taxes on essential goods that are vital to the welfare of Nigerians, such as food, rent, and public transportation.
This was said by Oyedele in a recent Channels Television interview. According to him, the proposal also exempts these essentials from value-added tax (VAT).
He said “What we have taken into account is what are those necessities of life—food, accommodations, transportation, education and health. We’ve deliberately identified those items. And we’ve removed almost all the taxes applicable to them, including no VAT. We think that from the fiscal policy and tax perspective, we can make it more affordable for the Nigerian people to be able to afford those necessities. Share-passenger transportation is completely tax-free. However, if you hire a taxi, we assume that you’re not the poorest Nigerian so you have to pay the tax. Whereas if you get into a bus, that will be completely tax-free. That’s what we’ve done so far.”
According to Oyedele, President Tinubu would shortly sign the proposal, which will then go to the National Assembly to be included in Nigeria’s tax legislation.
