Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has voiced worries over Donald Trump’s announcement that he would create an external revenue service to levy taxes and tariffs on other nations.
This was said by Trump in his inauguration speech on Monday, when he announced the establishment of an external revenue service to collect tariffs from other nations that export goods to the US.
“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.
“For this purpose, we are establishing the external revenue service to collect all tariffs, duties, and revenues. It will be massive amounts of money pouring into our treasury, coming from foreign sources. The American dream will soon be back and thriving like never before, to restore competence and effectiveness to our federal government,” Trump stated.
Oyedele responded to Trump’s remarks on his X (formerly Twitter) account by pointing out that this action would impede global trade and make the already intricate global tax system even more complicated.
“This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms,” Oyedele said.
Oyedele underlined the necessity of a revised tax structure as a means of reducing the negative effects of this development on Nigeria’s economy.
“By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present,” he added.