The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said that the fiscal policy being operated in the country inhibits growth.

Oyedele who spoke at the Senate’s plenary on Wednesday disclosed that the Federal Government has nothing to show for more than 60 taxes and levies collected across the country.

He further disclosed that the government plans to end the situation in which Nigerian businesses are forced to pay tax even when they lose money.

“The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it.

“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” he said.

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Following his explanations, the lawmakers declined to ask questions, resolving to invite the team on the next legislative date to clarify aspects of the proposed reforms before a final resolution is taken.

Oyedele’s allegation followed the Senate’s Wednesday protest over the entry of the Federal Inland Revenue Service (FIRS) Chair, Zacch Adedeji and consultants to the Upper Chamber.

The lawmakers suspended its rules to admit Adedeji and the consultants to explain what the Tax Reform Bill entailed.

However, before they were admitted, a slight uproar ensued as some lawmakers kicked against the FIRS Chair’s entry to the chamber.

Oyedele is leading the charge for the controversial proposed Fiscal Policy and Tax Reform Bill.