Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Dr Taiwo Oyedele, has said that in 2025, there will be reforms on budget processing, medium term expenditure framework, and fiscal strategy paper to support economic rebasing.

He said this at the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference on Thursday in Lagos.

Rebasing means to base GDP against a benchmark of prices from a particular year over a duration of years to determine the GDP for current periods.

Oyedele said that rebasing the economy would make an impact on the country’s projected tax to GDP ratio and measurement of per capita income, and improve investors’ perception of the country.

According to him, rebasing the economy gives signal to investors to have second thoughts about the country and take investment in the country more seriously.

“The Consumer Price Index (CPI) basket will also be rebased to impact inflation, giving a clearer indication of where the country is going.

“On the tax reforms bills, we are engaging with key stakeholders and we believe we are making progress and expect that the bills should be enacted into law by the end of the first quarter of 2025.

“There are significant provisions in the tax reform bills that hold possibilities for the country from business reforms to cost and tax reduction, while ensuring that small businesses can thrive without excess burdens.

“I am positive about 2025 and what it holds for businesses, families and individuals, and by complementing the other sound fiscal policies by the Federal Government, I think it can only get better,” he said.

The chairman said that, in 2025, inflation would start to moderate and foreign exchange rate stabilise since factors that pushed up costs might no longer be there.

He added that there would be more inflow of foreign exchange to the federation account.