Tax Reform Bills: Drama As Oyedele’s 2019 Tweets Against VAT Hike Resurface, Trend Online

• Nigerians took to social media X to query Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, over his urgent push for tax reform bills
• There was uproar on the X platform as Nigerians dug out Oyedele's 2019 tweets criticising a 10% VAT increase which clashes with his current support for the tax reform
• The tax reform bills introduced by Bola Tinubu's government have scaled a second reading at the upper chamber

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

President Bola Ahmed Tinubu's push for Tax Reform Bills has reignited a fresh debate on fiscal policies.

This was after a series of 2019 tweets by Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, resurfaced on social media platform X (formerly Twitter).

Oyedele’s 2019 tweets about tax

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The tweets trending on X showed how Oyedele opposed a Value Added Tax increase under former President Muhammadu Buhari, which has sparked mixed reactions, with critics and supporters offering divergent views.

In 2019, Oyedele criticised Babatunde Fowler, the then-Federal Inland Revenue Service chairman, over the plan to raise VAT from 5% to between 7.25% and 8.75%.

As reported by The Punch, he described the proposal as ill-timed and inconsistent with Nigeria’s economic situation.

“Contemplating an increase in VAT rate now is bad timing and inconsistent with current economic reality. VAT rate increase will lead to higher inflation, interest rate hike, more unemployment, and generally make people poorer,” Oyedele tweeted.

However, Nigerians are wondering why Oyedele criticised Fowler when he proposed raising VAT from 5% to 7.5% and now, the same man is advocating for a 10% VAT.

Reactions to Oyedele’s 2019 tweets against VAT hike

As usual, mixed reactions have trailed the development. Legit.ng compiled a few reactions from Oyedele's comment section on X below:

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@AmeerLookman tweeted:

"Interestingly, the same person who, in the past, advised the government against increasing taxes due to the economic challenges of the time is now leading the push for higher taxes, claiming it will benefit the economy. The irony is clear: the economic situation today is worse."

@ZaharaddeenKLaw tweeted:

"Does that change now?"

@InuwaNaf tweeted:

"Why do you propose an increase then? What changed?"

@SegunMelchized1 tweeted:

"At that time, it was true. The dynamics and factors at play were not the same as what obtains today."

@TheVeryOne4 tweeted:

"With a little financial motivation, most Nigerians will doublespeak. We know exactly what we are doing."

Read more about Tinubu's tax reform bills here:

• Tax reform bills will make Lagos rich? Presidency finally opens up
• “Will entirely cripple the North”: Nigerian gov Zulum rejects Tinubu’s tax reform bills, cites consequences

Highlights of tax reform bills

Legit.ng earlier reported that Tinubu's administration released 13 highlights of the president's tax reform bills, which were earlier sent to the National Assembly.

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The presidency argued that the current tax system is overly complex and stifles growth, resulting in low revenue. Sunday Dare, the president's special adviser on public communication and orientation, stated that the tax reform will help promote sustainable economic growth.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng