Tag: #Government

President Bola Tinubu declared that the tax reform proposals would not be removed from the National Assembly notwithstanding the uproar surrounding them. This was revealed in a statement by Bayo Onanuga, the President’s Special Advisor on Information and Strategy. Instead, he clarified that the proposals ought to pass the legislature. “The National Economic Council recommended that the tax reform bills already sent to the National Assembly be withdrawn for further consultation,” the statement said of President Bola Tinubu. The Nigerian leader also praised the recommendations given by the members of the National Economic Council, particularly Vice President Kashim Shettima and the 36 state governors. He feels that without rescinding the measures, the legislative process, which has already started, offers a chance for input and required modifications. from the National Assembly. President Tinubu welcomes more discussions and involvement with important stakeholders to allay any concerns over the legislation as the National Assembly considers them for passage, but he also urges the NEC to let the process run its course. President Tinubu had only one goal in mind when he established the Presidential Committee on Tax and Fiscal Policy Reform in August 2023: to realign the economy for increased productivity and efficiency and create a more favorable business and investment climate. This goal is still more important now than it has ever been, the statement said. NEC Demands Tax Reform Bill WithdrawalNEC voiced concerns on Thursday on the Tax Reform Bill that President Bola Tinubu sent to the National Assembly. The Based on the findings and suggestions of the Presidential Committee on Fiscal and Tax Reforms, which the President established to aid in increasing the nation’s revenue generation, the measure was sent to NASS. The NEC unanimously demanded that the bill be withdrawn. This was one of the decisions made at the NEC meeting held at the Presidential Villa in Abuja, which was presided over by Vice President Kashim Shettima. Following the meeting, the governors briefed State House Correspondents, pointing out that the proposed reforms require enough agreement among the stakeholders. According to Oyo State Governor Seyi Makinde, who briefed reporters, NEC noted that sufficient consultations were required to gather the opinions of stakeholders, including state governors, in order to guarantee that the legislation is favorable. to every Nigerian. “The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms presented to NEC today. Fair taxes, prudent borrowing, and sustainable spending are their top priorities,” he stated. The Council recognized that the nation is underperforming on every metric, including the yield from its main sources of income, the tax to GDP ratio, and others. Following much discussion, NEC concluded that the suggested improvements require adequate agreement between and among the stakeholders. Therefore, the Council recommends that the tax reform bill now before the National Assembly be withdrawn in order to broaden consultations and foster agreement on these reforms for the good of the entire nation and to provide people with They should be aware of our goal and the direction we are taking with regard to tax reform, since there is a great deal of disinformation and misunderstanding,” Governor Makinde stated. Northern Governors Turn Down the BillThe action was taken just days after some of the proposals—most notably the VAT-sharing template in one of the bills—were rejected by the powerful Northern Governors’ Forum. Following a meeting in Kaduna, the northern governors came to this decision, calling for justice and equity. This is due to the fact that businesses pay VAT according to the location of their tax office and headquarters, not the location of the goods and services that are used. Given the aforementioned, the forum unanimously denounces the proposed Tax Amendments and urges National Assembly members to oppose any legislation that would endanger “the welfare of our people,” stated Inuwa Yahaya, the forum’s chairperson as well. To be clear, the Northern Governors’ Forum has nothing against policies or initiatives that promote the growth and development of the country. However, in order to guarantee that no geopolitical zone is overlooked or undervalued, the forum demands equity and fairness in the execution of all national policies and programs,” he stated. READ ALSO: Court approves N1.1 billion bail for 114 protesters charged with arson against public facilities. The governors that attended were Ahmadu Umaru Fintiri of Adamawa, Bala Mohammed of Bauchi, AbdulRahman AbdulRazaq of Kwara, Babagana Zulum of Borno, Uba Sani of Kaduna State, Inuwa Yahaya of Gombe, Dauda Lawal Dare of Zamfara, and Abdullahi Sule of Nasarawa. The deputy governors of the other governors represented them. Gombe State Governor Yahaya reading the statement declared during the conference that the tax proposals were not in the best interests of the North and gave northern lawmakers instructions to oppose them. We love to have you back, Kindly Subscribe to our NewsLetter.

By Emmanuel

November 1, 2024November 1, 2024

1