Nigeria Raises Concerns Over Trump’s Order On Taxes, Tariffs For Foreign Countries
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has raised significant concerns over a recent declaration by U.S. President Donald Trump. Trump announced plans during his inauguration speech to establish an “External Revenue Service” aimed at imposing tariffs and taxes on foreign countries, including those exporting goods to the United States.
In his address, Trump emphasized that the U.S. would overhaul its trade system to prioritize American workers and families. He proposed that foreign countries be taxed and tariffed to enrich U.S. citizens, instead of allowing American citizens’ taxes to benefit other nations. He further stated that the new external revenue service would collect duties, tariffs, and other revenues, resulting in “massive amounts of money” flowing into the U.S. treasury.
Oyedele, in response to Trump’s speech, expressed concerns that such a move could disrupt international trade and complicate the already complex global tax system. In a post on his X (formerly Twitter) handle, Oyedele warned, “This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms.”
The fiscal policy expert pointed out that such actions by the U.S. could have far-reaching consequences for global economies, including Nigeria. Oyedele stressed that Nigeria must strengthen and revamp its own tax system to better navigate these potential challenges.
“By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present,” Oyedele remarked.
His comments reflect growing concerns in Nigeria about the potential negative impact of Trump’s tax and tariff policies on international trade and the country’s economic stability. As Nigeria continues its efforts to reform its tax system, Oyedele’s remarks underscore the importance of staying prepared for global shifts in trade policies.
