By Emma Ujah, Abuja Bureau Chief
The Federal Government (FG) has commenced preparations for the 2027 budget with the inauguration of a subcommittee to review existing fiscal and tax reforms and develop an implementable Finance Bill.
The Subcommittee on Fiscal Policy and Tax Reforms was inaugurated yesterday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
The Finance Bill, which usually accompanies the annual budget, provides the legislative framework for fiscal policies and tax measures contained in the budget.
Oyedele charged the committee, chaired by the Permanent Secretary, Mr Raymond Omachi, with Mr Albert Folorunsho as Co-Chair, to ensure that the 2027 Finance Bill responds to emerging economic realities.
He said the bill should build on the fundamental principles of the 2025 reforms while addressing gaps identified during implementation.
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.
“We must ask where implementation has revealed ambiguity, where unintended consequences have emerged, where compliance can be simplified, and where we can improve investment and competitiveness.”
The minister disclosed that the public call for inputs into the 2027 Finance Bill had attracted more than 134 online memoranda, alongside numerous hard-copy submissions.
He said the response underscored the importance of giving Nigerians a voice in shaping fiscal policy.
Describing the committee’s assignment as “another important step in Nigeria’s continuing fiscal and tax reform journey,” Oyedele said it represented a shift “from fundamental reform to continuous improvement.” According to him, “No serious reform ends with the enactment of legislation. Good reform is a process, not an event.
“The real test begins when the law meets the economy, as businesses interpret it, administrators implement it, investors respond to it, and citizens experience it.”
Oyedele urged the committee to identify ambiguities, unintended consequences and unnecessary compliance burdens arising from implementation, while proposing measures to enhance investment, competitiveness and productivity.
He said the government deliberately invited businesses, investors, professional bodies, civil society organisations, academia and citizens to submit practical, evidence-based proposals.
The minister charged the committee to consider the submissions on their merits, guided by evidence and national interest, stressing that the economy must be viewed as a whole.
He noted that a measure designed to increase revenue could impose a greater cost on the wider economy if its broader implications were not considered.
Oyedele also directed the committee to prioritise competitiveness and productivity by proposing measures to attract investment, expand production, promote competitive manufacturing and encourage formalisation.
The subcommittee has six weeks to submit its report to the minister.
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