Barbara Bako, Abuja.
The Federal Government has commenced work on the 2027 Finance Bill with the inauguration of a Technical Subcommittee on Fiscal Policy and Tax Reforms to review Nigeria’s new tax laws, address implementation challenges and strengthen the country’s fiscal framework.
Minister of Finance and Coordinating Minister of the Economy who is the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Professor Taiwo Oyedele, inaugurated the subcommittee in Abuja and gave it six weeks to submit recommendations for the Finance Bill.
Oyedele at the inauguration said the exercise marks the next phase of Nigeria’s tax reform programme following the implementation of four major tax laws that came into effect on January 1, 2026.
He explained that the review is not aimed at rewriting the reforms but at refining them based on lessons from implementation and evolving economic realities.
According to him, the committee will identify ambiguities in the new laws, simplify tax compliance, improve investment competitiveness and strengthen taxpayer protections.
“The Finance Bill 2027 should not be seen as just another annual legislative exercise. Our task is not to rewrite the 2025 reforms, but to preserve their fundamental principles while learning from implementation and responding to new economic realities,” he said.
Oyedele said the subcommittee’s mandate extends beyond taxation to include fiscal policy, public financial management, debt management, transparency, capital markets and cross-border capital flows.
He urged members to adopt an evidence-based approach, saying every proposal should be evaluated on its merits, its economic impact and the national interest.
He added that the government’s tax philosophy remains focused on encouraging productivity and investment by taxing profits, wealth and consumption rather than capital, production or poverty.
The committee will also review the Deduction of Tax at Source Regulations 2024 and prepare revised Withholding Tax Regulations in line with the new tax laws.
In addition, it will update the Companies Income Tax (Significant Economic Presence) Order 2020 to align Nigeria’s taxation of digital and cross border businesses with international best practices.
Oyedele disclosed that the government received 134 submissions from stakeholders across the six geopolitical zones during its public call for inputs.
He said many of the submissions called for clearer VAT thresholds, simplified withholding tax rules, reduced multiple taxation, stronger taxpayer rights, faster tax refunds and improved digitalisation across revenue agencies.
He charged members to maintain confidentiality, disclose conflicts of interest where necessary and work collaboratively to produce recommendations that support economic growth and improve the efficiency of Nigeria’s tax system.
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