…Welcomes Stakeholder Input
President Bola Tinubu on Friday firmly rejected the recommendation of the National Economic Council (NEC) to withdraw the proposed Tax Reforms Bill from the National Assembly.
He emphasized that the bill will proceed through the legislative process, asserting its importance for the nation’s economic development.
The recommendation to withdraw the bill stemmed from significant opposition within the northern region, where concerns were raised that the proposed tax reforms could disproportionately impact the area.
In response to these concerns, the NEC, chaired by Vice President Kashim Shettima, suggested that the bill be pulled back for further consultations.
Despite the opposition, the presidency reassured stakeholders that all 36 states would benefit from the proposed reforms. In a statement issued by Bayo Onanuga, the Special Adviser on Information and Strategy, President Tinubu encouraged those who harbor concerns about the bill to voice their opinions during public hearings.
The statement read: “President Bola Tinubu has received the National Economic Council’s recommendation that the tax reform bills already sent to the National Assembly be withdrawn for further consultation”.
“He commends the NEC members for their advice and believes the legislative process already underway provides an opportunity for inputs and necessary changes without withdrawing the bills.”
“While urging the NEC to allow the process to take its full course, President Tinubu welcomes further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considers them for passage,” the statement added.
The presidency reiterated that the tax reform initiative, launched by Tinubu in August 2023, aims to enhance Nigeria’s economic productivity and create a more favorable investment climate. The reforms are a culmination of over a year of extensive consultation with diverse groups, including trade associations, professional bodies, and government agencies.
The statement also noted that the tax reform bills aim to streamline Nigeria’s tax administration, eliminate multiple taxation, and align the nation’s practices with global standards. President Tinubu will continue to value and welcome recommendations from the NEC as part of the ongoing efforts to revamp Nigeria’s economic landscape.
