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 billsThere 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 billThe Tax Reform Bills introduced by Bola Tinubu’s government have scaled a second reading at the upper chamber
Henzodaily.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, in the polity.
Oyedele’s 2019 tweets against VAT hike resurface, spark online backlash.
Photo credit: @taiwoyedele, Asiwaju Bola Ahmed Tinubu
Source: Facebook
Tax bill: Oyedele’s 2019 tweets spark serious debate online
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).
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The tweets trending on X showed how Oyedele opposed an Value Added Tax increase under former President Muhammadu Buhari, which have 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 Taiwo Oyedele criticised Fowler when he proposed raising VAT from 5% to 7.5% and now, the same Oyedele advocates for a 10% VAT.
Nigerians react to Oyedele’s 2019 tweets against VAT hike
As usual, mixed reactions have trailed the developmnt. Henzodaily.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 tax reform bill here:
Highlights of tax reform bills
Henzodaily.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.
Source: Henzodaily.ng