Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria, has raised concerns over the potential impact of U.S. President Donald Trump’s proposed tax policy on global trade.
Speaking via his X (formerly Twitter) handle, Oyedele reacted to Trump’s announcement of the establishment of an “External Revenue Service,” a policy aimed at redirecting tariffs and duties to benefit the U.S. economy. Trump had stated, “Instead of taxing our citizens to enrich other countries, we tariff and tax other countries to enrich our citizens.” He added that the policy would result in “a massive amount of money pouring into our treasury coming from far.”
Oyedele cautioned that such a move could significantly disrupt international trade and exacerbate the complexities of the global tax system. He emphasized the need for countries like Nigeria to anticipate and adapt to the potential ripple effects.
“This highlights the importance of Nigeria’s ongoing tax reforms,” Oyedele noted. “A more robust and adaptive tax system will enable Nigeria to navigate challenges and leverage opportunities that may arise from policies like this.”
