The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has raised concerns over U.S. President Donald Trump’s announcement to establish an External Revenue Service aimed at imposing taxes and tariffs on foreign countries. During his inauguration speech on Monday, President Trump unveiled the initiative as part of his strategy to overhaul the U.S. trade system. He emphasized that the move would shift the tax burden from Americans to foreign countries exporting goods to the United States.
“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump said, adding that the new policy would bring “massive amounts of money” into U.S. coffers.
Reacting to the announcement via his X (formerly Twitter) handle, Oyedele expressed concern over the potential disruption to international trade and the further complication of the global tax system.
“This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms,” Oyedele stated.
He also urged Nigeria to focus on revamping its tax system to mitigate the impact of the U.S. policy on the nation’s economy. “By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present,” he added.
Trump’s proposal has sparked global debate over its implications for international trade relations and economic systems, underscoring the need for proactive measures by affected countries.
