FG Begins Fresh Review of Tax Reforms Ahead of 2027 Budget
- The federal government inaugurated a subcommittee in Abuja to develop a Finance Bill to accompany the 2027 budget
- Finance Minister Taiwo Oyedele gave the committee six weeks to plug implementation gaps and improve investment conditions
- Over 134 online memoranda from businesses, civil society groups, and academics have already been submitted for consideration
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The federal government has begun preparations for the 2027 budget by setting up a subcommittee to review fiscal and tax policies and draft a new Finance Bill.
The Subcommittee on Fiscal Policy and Tax Reforms was inaugurated in Abuja by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele.
Source: Getty Images
The committee is chaired by Permanent Secretary Raymond Omachi, with Albert Folorunsho serving as Co-Chair.
The Finance Bill is a piece of legislation that typically accompanies the annual budget and sets out the legal basis for the government's tax and fiscal measures for the year ahead.
Oyedele's charge to the committee
Oyedele told the subcommittee that the 2027 Finance Bill must go beyond being a routine legislative exercise. He said the committee's job is to build on the 2025 reforms, not overhaul them, and to use lessons from how those reforms have played out in practice.
Oyedele said:
"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 directed the committee to examine areas where current rules have created confusion, produced unintended outcomes, or placed unnecessary burdens on those trying to comply.
The minister also asked members to identify ways to make Nigeria more attractive to investors and more productive overall.
The committee has six weeks to complete its review and submit recommendations.
Over 134 submissions already received
Oyedele revealed that the government's public call for input had already generated more than 134 online memoranda, alongside a number of hard-copy submissions.
Vanguard reports that contributors include businesses, investors, professional bodies, civil society organisations, academics and individual citizens.
He said the volume of responses showed how much Nigerians and other stakeholders care about having a say in how fiscal policy is shaped.
Source: Twitter
The minister described the inauguration as a signal that Nigeria's tax reform process had moved from a phase of sweeping change to one of ongoing refinement.
Oyedele said:
"No serious reform ends with the enactment of legislation. Good reform is a process, not an event."
He added that the real test of any reform lies in how it works in practice: how businesses interpret the rules, how administrators apply them, how investors react, and how ordinary citizens experience the outcomes.
VAT revenue increases to N2.42 trillion
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) revealed that Value Added Tax (VAT) revenue rose to N2.42 trillion in the first quarter of 2026, representing a 9.98% increase from the N2.20 trillion recorded in Q4 2025.
This was disclosed in the bureau's latest Sectoral Distribution of VAT report, released on June 11, 2026.
According to the report, total VAT collections in Q1 2026 stood at N2.42 trillion, driven by contributions from local, foreign and import-related payments.
Source: Legit.ng
