Breaking: Tinubu is urged to remove the Tax Reforms Bill from NASS by NEC

Abuja — In order to facilitate more extensive discussions and consensus-building, the National Economic Council advised President Bola Tinubu on Thursday to promptly remove the Tax Reforms Bill from the National Assembly.

At the conclusion of the 144th NEC meeting, which was chaired by Vice President Kashim Shettima, Oyo State Governor Seyi Makinde revealed this to State House journalists in the Council Chamber of the Presidential Villa in Abuja.

According to Makinde, the council members concurred that it was essential to give Nigerians time to come to an understanding of the measure and form a consensus.

“NEC recommended the withdrawal of the tax reform bill and noted the need for sufficient alignment on the proposed reforms,” he said.

Makinde underlined the necessity of more consultations surrounding the measure and stated that this choice was taken for the good of the entire nation.

“After recognising the gap, we determined that a broader consultation was necessary.” He went on.

Remember how the Federal Executive Council and President Bola Tinubu recently approved new policy measures to improve Nigeria’s tax administration procedures?

The new regulations, according to the federal government, are intended to improve efficiency and get rid of duplications in the country’s tax processes.

Following an examination of the current tax legislation since August 2023, the modifications were made. These tax reform initiatives are included in four executive measures that are being considered by the National Assembly.

Days after the Northern Governors protested the reform plan, the NEC made its proposal.

At a meeting on October 28, 2024, Governors of the 19 Northern States, under the platform of the Northern Governors’ Forum, rejected the new derivation-based model for Value-Added Tax distribution in the new tax reform bills before the National Assembly.

A communiqué read by the Chairman of the forum, Governor Muhammed Yahaya of Gombe State, said the proposition negates the interest of the North and other sub-nationals.