President Bola Tinubu confirmed that the controversial tax reform bills will remain in the National Assembly, despite calls from the National Economic Council for their withdrawal. He emphasized the importance of stakeholder engagement and legislative processes to improve Nigeria's economy without retracting the proposed reforms.
President Bola Tinubu has firmly stated that the tax reform bills currently before the National Assembly will not be withdrawn, despite calls from the National Economic Council (NEC) for such action. This announcement was made by Bayo Onanuga, Tinubu's Special Adviser on Information and Strategy, following a meeting of the NEC which expressed concerns about the bills.
While acknowledging the NEC's recommendation for withdrawal and further consultations, Tinubu emphasized the importance of allowing the legislative process to unfold. He highlighted that this process presents an opportunity for stakeholder engagement and necessary amendments without completely retracting the proposed legislation.
In the statement, Tinubu commended Vice President Kashim Shettima and the governors for their contributions and indicated a willingness to involve relevant stakeholders in discussions regarding the bills. He reiterated that the overarching goal of the tax reforms, initiated through a Presidential Committee on Tax and Fiscal Policy Reform in August 2023, is to enhance the economy's productivity and create a more favorable environment for investment.
This decision comes amidst growing opposition to the proposed reforms, especially from northern governors who have raised objections regarding certain elements, such as the VAT-sharing formula.
They have called for equitable treatment in tax policy to ensure that no region is disadvantaged. As the debate continues, the focus remains on achieving a consensus that benefits all Nigerians while improving the country’s revenue generation.
