The Presidential Fiscal Policy and Tax Reforms Committee has announced a series of public engagements to discuss proposed tax policy changes.

Scheduled to kick off in Lagos on Thursday followed by Abuja on May 6, these sessions will help shape Nigeria’s tax structure.

Led by Chairman Taiwo Oyedele, the committee aims to gather insights and perspectives from stakeholders across sectors.

The focal point of these engagements is to solicit feedback on revisions to the National Tax Policy and potential amendments to tax laws and administration practices.

The significance of these public dialogues cannot be overstated. As Nigeria endeavors to fortify its economy and enhance revenue collection mechanisms, citizen input is paramount.

The engagement process underscores a commitment to democratic governance and collaborative policymaking, recognizing that tax reforms affect every facet of society.

The proposed changes are rooted in a strategic vision to stimulate economic growth while ensuring fairness and efficiency in tax administration. By harnessing diverse viewpoints, the committee seeks to craft policies that are not only robust but also reflective of the needs and aspirations of Nigerians.

Addressing the press, Chairman Taiwo Oyedele highlighted the importance of these consultations in refining the nation’s tax architecture.

He said the committee’s mandate is informed by insights gleaned from previous engagements and consultations.

The evolving nature of Nigeria’s economic landscape necessitates agility and responsiveness in policymaking, traits that these engagements seek to cultivate.

The public engagements will provide a platform for stakeholders to articulate their perspectives, concerns, and recommendations regarding tax reforms.

Participants from various sectors, including business, academia, civil society, and government agencies, are expected to contribute to robust discussions aimed at charting a path forward for Nigeria’s fiscal policy.

As the first leg of the engagements unfolds in Lagos, followed by Abuja, anticipation is high for constructive dialogue and meaningful outcomes.

The success of these engagements hinges on active participation and genuine collaboration among stakeholders, underscoring the collective responsibility to shape Nigeria’s fiscal future.

In an era marked by economic challenges and global uncertainty, proactive and inclusive policymaking is paramount.

The forthcoming public engagements represent a tangible step towards fostering transparency, accountability, and citizen engagement in Nigeria’s tax reform process.

By harnessing the collective wisdom of its citizens, Nigeria can forge a tax regime that propels sustainable economic development and fosters shared prosperity for all.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a stern warning to the Federal Government to shut down its 30,000 stations nationwide if an outstanding debt of N200 billion isn’t settled promptly.

The ultimatum comes as a result of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) failure to clear a debt that has been accumulating since September 2022.

The debt pertains to bridging claims owed to oil marketers for the transportation of petroleum products from depots to various states across the country.

Yahaya Alhassan, Chairman of the IPMAN Depot Chairmen Forum, delivered the ultimatum in a communiqué issued in Abuja and declared that the consequences of the government’s inaction would be severe.

He warned that every IPMAN member’s outlet, spanning from the northern to the southern regions and from the east to the west, would be forced to close its doors.

Despite assurances from the government, including directives from the Minister of State for Petroleum Resources (Oil) to clear the debt within 40 days, IPMAN claims that only a fraction of the owed sum, a paltry N13 billion, has been paid.

Alhassan expressed disappointment at the lack of progress and accused the NMDPRA of disregarding the minister’s directive and showing a laidback attitude towards the survival of its members’ businesses.

The ramifications of the unpaid debt extend beyond the financial realm, as Alhassan highlighted the toll it has taken on IPMAN members.

Many businesses have collapsed, leading to bankruptcies and job losses. Some members have been unable to pay salaries, resulting in retrenchments and closures.

Alhassan painted a grim picture of the situation, stating that banks have seized the premises of numerous members due to their inability to meet financial obligations arising from the unpaid debt.

IPMAN’s plea for government intervention underscores the urgency of the matter. They have called on President Buhari to intervene and ensure that their demands are met promptly.

Failure to do so, they warn, will result in a nationwide shutdown of their services, causing widespread disruption to fuel distribution and exacerbating the country’s fuel crisis.

Meanwhile, the NMDPRA has stated that the payment process is ongoing, but IPMAN remains skeptical given the slow progress and mounting financial strain on its members.

As the standoff between IPMAN and the government intensifies, Nigerians brace themselves for the possibility of fuel shortages and escalating tensions in the coming days.

President Bola Tinubu stood firm in defense of Nigeria’s recent tough economic decisions during his address at the World Economic Forum in Riyadh, Saudi Arabia.

Speaking to a gathering of global business leaders, Tinubu justified the removal of fuel subsidies and the management of Nigeria’s foreign exchange market as necessary measures to prevent the country from bankruptcy and reset its economy towards growth.

In his speech, Tinubu acknowledged the challenges and drawbacks associated with these decisions but emphasized that they were in the best interest of Nigeria.

He described the removal of fuel subsidies as a difficult yet essential action to avert bankruptcy and ensure the country’s economic stability.

Despite the expected difficulties, Tinubu highlighted the government’s efforts to implement parallel arrangements to cushion the impact on vulnerable populations, demonstrating a commitment to inclusive governance.

Regarding the management of the foreign exchange market, Tinubu emphasized the need to remove artificial value elements in Nigeria’s currency to foster competitiveness and transparency.

While acknowledging the turbulence associated with such decisions, he underscored the government’s preparedness to manage the challenges through inclusive governance and effective communication with the public.

Moreover, Tinubu used the platform to call on the global community to pay attention to the root causes of poverty and instability in Africa’s Sahel region.

He emphasized the importance of economic collaborations and inclusiveness in achieving stability and growth, urging bigger economies to actively participate in promoting prosperity in the region.

Tinubu’s defense of Nigeria’s economic policies reflects the government’s commitment to making tough but necessary decisions to steer the country towards sustainable growth and development.

As the world grapples with geopolitical tensions, inflation, and supply chain disruptions, Tinubu’s message at the World Economic Forum underscores the importance of collaborative action and inclusive governance in addressing critical global challenges.