NEC recommends withdrawal of tax reform bill

The National Economic Council (NEC) has recommended the withdrawal of the Tax Reforms Bill currently before the National Assembly.

The Council made the recommendation at its 145th meeting on Thursday in Abuja.

The Tax Reforms Bill initiated by President Bola Tinubu aimed to enhance Nigeria’s tax administration efficiency and eliminate redundancies.

The Oyo State Governor, Seyi Makinde, who addressed State House correspondents at the end of the meeting, said NEC noted the need for sufficient alignment among stakeholders regarding the proposed tax reforms.

READ ALSO: Tinubu seeks Reps’ approval for four tax reform bills

He cited the prevalence of miscommunication and misinformation surrounding the bill and stressed the need for wider consultation and consensus-building on the matter.

Makinde said the council acknowledged the country’s underperformance in major revenue sources.

He revealed that the council also considered the report of the Presidential Committee on Physical Policy and Tax Reforms focusing on fair taxation, responsible borrowing, and sustainable spending.

The Borno State Governor, Umara Zulum, also affirmed the council’s advice for withdrawal of the bill to allow for consensus building.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now