WATCH THE VIDEO HERE THE Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has warned that the external revenue service proposed by U.S. President Donald Trump could disrupt global trade. Oyedele shared his thoughts on this development via his X account yesterday night, following Trump’s inauguration. During his inauguration, Trump reaffirmed his intention to establish an external revenue service, stating, “Instead of taxing our citizens to benefit other countries, we will impose tariffs and taxes on other nations to enrich our citizens. We are creating the External Revenue Service to collect all tariffs, duties, and revenue, which will significantly boost our treasury.” In response, Oyedele said, “The 47th President of the United States, Donald J. Trump, has announced plans for an 𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 to impose tariffs and taxes on other countries. This initiative could disrupt international trade and complicate the already intricate global tax system, underscoring the necessity of our ongoing tax reforms.” He added that by overhauling Nigeria’s tax system, “We can better navigate potential challenges and capitalize on any opportunities that arise from this situation.” Oyedele has been at the forefront of the committee focused on tax reforms. On October 3, 2024, President Bola Tinubu submitted four tax reform bills to the National Assembly: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These bills have ignited discussions about equity, implementation, and economic implications, highlighting the difficulty of balancing national fiscal policies with regional concerns. Despite some opposition to the bills, the Nigerian Governor’s Forum endorsed a revised Value Added Tax sharing formula last Thursday, aimed at promoting fair resource distribution among states. The proposed formula allocates 50% based on equality, 30% based on derivation, and 20% based on population. Oyedele has expressed his support for the NGF’s proposed sharing formula. At The Platform, an event organized by The Covenant Nation on Saturday, Oyedele emphasized the importance of compromise in implementing reforms. “We must also consider various factors, including political considerations. Ultimately, if you need to move one kilometer, you don’t have to do it all at once; you can’t jump that distance in one leap. Sometimes, gradual progress is necessary,” he stated.