Nigeria’s Federal Government to Overhaul Tax, Spending, and Borrowing Policies

The administration of President Bola Tinubu is set to implement significant changes to Nigeria’s national tax, spending, and borrowing policies. This initiative aims to streamline tax administration and enhance fiscal efficiency.


Ade Adefeko, a member of the presidential fiscal policy and tax reforms committee, disclosed the plan in a statement on his LinkedIn page on Monday. He highlighted the government’s intention to revolutionize Nigeria’s tax system through the introduction of new policies.

“A new plan to revolutionize Nigeria’s tax system is to introduce a new National Tax Policy, Spending Policy, and Borrowing Policy to make us more efficient and effective in tax administration,” Adefeko stated.

The committee, led by Chairman Taiwo Oyedele, has been working on this comprehensive plan in three phases: Quick Wins, Recommendations, and Critical Reforms. Adefeko noted that the first two phases have been completed and the committee is now poised to transition to the implementation phase, pending the acceptance of their recommendations.

The sessions held by the committee were described as intensive and deliberate, with a focus on easing the tax burden on poorer Nigerians. One of the key goals is to reduce the multitude of taxes currently imposed, consolidating them into a more manageable single-digit tax system.

The committee was inaugurated by President Tinubu on August 8, 2023. Its mandate covers three broad areas: fiscal governance, revenue transformation, and fiscal competitiveness and economic growth. These areas are crucial for fostering a more equitable and efficient fiscal environment in Nigeria.


If implemented, these policies are expected to enhance the government’s ability to manage tax collection and fiscal spending more effectively. The proposed changes aim to simplify the tax system, reduce the financial burden on citizens, and promote economic growth through better fiscal management.

As the committee moves into the implementation phase, stakeholders and citizens alike are keenly watching the developments. The success of these reforms could mark a significant step towards achieving a more robust and efficient economic framework in Nigeria.
The proposed overhaul of Nigeria’s tax, spending, and borrowing policies by the Tinubu administration represents a critical effort to improve fiscal efficiency and economic stability. With the committee’s recommendations soon to be implemented, Nigeria could see a transformative shift in how it manages and administers its fiscal policies, ultimately benefiting its citizens and economy.