Following Monday’s announcement of the External Revenue Service by President Donald Trump of the United States, global trade could be disrupted, according to Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms.
Oyedele has been credited with the controversial Tax Reform Bills sent to the National Assembly by President Bola Ahmed Tinubu in August 2024.
The magazine reported that the Bills have divided the country, because not a few Nigerians said it will impose more hardship on the masses.
Nigerian state governors have just thrown their weight behind the Bills after weeks of opposition.
The PCFPTR Chairman said the Tax Reforms Bill proposed by President Tinubu will help the country in the face of President Trump’s decision to establish, in US, the ERS.
He shared his thought on the plan of the US leader on Tuesday on his X handle, saying Nigeria must ensure that she’s a step ahead of what Trump is planning to do. The ERS has the potentials of ‘disrupting’ international trade, global tax system among other economic problems it’s capable of causing, Oyedele stated.
He asserts that “The 47th President of the United States, Donald J. Trump announced plans to establish an to impose tariffs and taxes on other countries.
“This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms.”
On his inaugural on Monday, President Trump said in his speech that he will work to ensure that America now works for Americans, saying part of the plans was to set up the ERS which will rally funds globally, and bring back home for the benefit of Americans.
The new American leader said a situation where the resources of the US are used to supports oversees initiatives has ended.
Trump said, “Instead of taxing our citizens to enrich other countries, we tariff and tax other countries to enrich our citizens. For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties and revenue. It will be a massive amount of money pouring into our treasury coming from far.”
The ERS is among a slew of Executive Orders issued yesterday by President Trump as part of his plan to ‘Make America Great Again initiative.
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