February 25, 2024

Taiwo Oyedele FINALLY bows to critics, resigns at PwC to pursue national assignment as Chair, Tinubu’s Presidential tax reform committee

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Oredola Adeola

Taiwo Oyedele, Partner, Fiscal Policy & Africa Tax Leader at PricewaterhouseCoopers(PwC) Nigeria, has resigned from his position after over two decades at the multi-national advisory firm, to fully focus on his new role as the Chair of the Presidential Fiscal Policy & Tax Reform Committee, which he considers to be an important national assignment.

 

Oyedele made this known in a statement obtained by EnergyDay on Wednesday.

 

EnergyDay gathered that with his resignation from PwC Nigeria, Oyedele aims to avoid any potential distractions or conflicts of interest and has therefore yielded to the arguments and criticism that greeted his appointment by President Bola Tinubu.

 

Concerned Nigerians have cautioned Oyedele who has in the past been a vocal about tax reforms in Nigeria, about the need to resign from PwC, in order to effectively manage any potential conflicts that may arise out of his new appointment against his professional duty at PwC Nigeria.

 

EnergyDay had recently published a report where Oyedele, in his capacity as the Chairman of Tinubu’s Tax Reforms Committee, advocated for the suspension of the 7.5% Value Added Tax (VAT) on diesel due to the impact of the rise in transportation and other costs as a result of petrol subsidy removal.

 

 

Oyedele has urged the government to suspend the VAT on diesel to alleviate the burden on Nigerians, echoing the concerns of oil marketers who have demanded the suspension of VAT on the commodity due to the impact of the price hike on the manufacturing and the transport sector.

 

HIS APPOINTMENT AND DUTY

 

President Tinubu had approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr Oyedele, and comprising of other experts from both the private and public sectors.

 

 

The Committee is saddled with the responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration, in recognition of the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.

 

EnergyDay gathered that key challenges in Nigeria’s tax system have always included multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilization of tax revenue.

 

Oyedele’s committee is therefore expected to address these challenges and initiate transformative reforms in fiscal policy and taxation, enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

 

PROFILE OF THE TAX MAN

Mr. Oyedele is a highly accomplished professional with extensive expertise in fiscal policy, taxation, and economic matters.

Apart from his role as PwC Africa tax leader, Oyedele holds several important positions in prestigious organizations.

 

He was the Thematic Lead for the Fiscal Policy & Planning Commission and serves as the Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG). Furthermore, he chairs the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Nigerian Taxation Standards Board.

 

He also serves as a member of the Ministerial Committee on the implementation of Nigeria’s National Tax Policy.

 

He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants (ACCA).

 

As an educator, Oyedele holds the position of Associate Professor at the Babcock University Business School. He is an alumnus of the London School of Economics & Political Science, Yale University and Harvard Kennedy School Executive Education.

 

He is a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.