Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said the external revenue service announced by the President of the United States of America, Donald Trump, could disrupt global trade.

Oyedele disclosed this through his X while reacting to the inauguration of Trump.

According to the American President, “instead of taxing our citizens to enrich other countries, we tariff and tax other countries to enrich our citizens”.

He said for this purpose, “the US is establishing the External Revenue Service to collect all tariffs, duties and revenue adding that it will be a massive amount of money pouring into our treasury coming from far.”

But reacting to development, Oyedele said the move “could disrupt international trade and further complicate the already complex global tax system.

He said the American President’s pronouncement highlights the importance of Nigeria’s ongoing tax reforms.

By revamping Nigeria’s tax system, Oyedele said the country can better navigate potential challenges and seize any opportunities the development may present.