The Federal Government has inaugurated a subcommittee to prepare an implementable Finance Bill for the 2027 budget, directing it to keep the core of the 2025 fiscal and tax reforms while fixing problems that have emerged in practice.
Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele inaugurated the Subcommittee on Fiscal Policy and Tax Reforms in Abuja on Thursday. Permanent Secretary Raymond Omachi chairs the panel, with Albert Folorunsho as co-chair. It has six weeks to submit its report.
The Finance Bill typically accompanies the annual budget and supplies the legal backing for the fiscal and tax measures in it.
Oyedele said the 2027 bill should not be treated as a routine yearly exercise or a rewrite of the 2025 reforms. The committee, he said, should preserve those reforms’ basic principles, learn from implementation, and respond to new economic conditions.
“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,” he said.
He described the assignment as a shift from fundamental reform to continuous improvement, arguing that reform does not end when a law is passed.
“No serious reform ends with the enactment of legislation. Good reform is a process, not an event,” he said. “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.”
A public call for proposals on the 2027 Finance Bill has drawn more than 134 online memoranda and additional hard-copy submissions from businesses, investors, professional bodies, civil society organisations, academia and citizens. Oyedele said the response showed the value of giving Nigerians a say in fiscal policy.
He told the committee to weigh the submissions on their merits, using evidence and the national interest, and to treat the economy as a whole. A measure meant to raise revenue, he warned, could cost the wider economy more if its broader effects were ignored.
The minister also asked the panel to put competitiveness and productivity first, including proposals that could attract investment, expand production, support manufacturing and encourage businesses to operate in the formal sector.
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