President Bola Tinubu has asked Nigerians with good knowledge of tax issues to offer ideas and suggestions to refine the controversial tax reform bills undergoing legislative process at the National Assembly.
Tinubu’s call to stakeholders came after the Nigeria Governors’ Forum (NGF) endorsed a revised Value Added Tax (VAT) sharing formula, which they said ensures a more equitable distribution of national resources.
At their last Thursday meeting, the 36 state governors endorsed a revised Value Added Tax (VAT) sharing formula of 50 per cent based on equality, 30 per cent based on derivation, and 20 per cent based on population.
The provisions of the bills have stirred up controversies, especially the VAT sharing formula which has pitted the North against the federal government and has affected the legislative process at the National Assembly.
Tinubu in a statement signed by Bayo Onanuga, the presidential spokesman reiterated that the tax reform bills are designed to be “pro-poor,” aiming to enhance Nigeria’s economic competitiveness, attract investments, and update outdated tax laws with the federal government’s economic agenda.
He highlighted the constructive dialogue between the NGF and the Presidential Committee on Tax and Fiscal Policy Reform as a model for resolving differences through collaboration.
He commended the governors for their unanimous endorsement of the four Tax Reform Bills under consideration by the National Assembly, praising their leadership and commitment to unity, and lauding their ability to transcend regional, ethnic, and political differences for the country’s development.
“Thursday’s productive consultation between the Nigeria Governors’ Forum and the Presidential Committee on Tax and Fiscal Policy is a commendable example of cooperation between the Federal and State governments,” the statement read.
Tinubu extended special recognition to NGF Chairman AbdulRahman AbdulRazaq for rallying his peers and also acknowledged bipartisan contributions from the Progressive Governors Forum, the Northern Governors Forum, and other groups in resolving controversies surrounding the bills.
The president reaffirmed his commitment to working with governors to foster economic growth, national harmony, and stability and urged the National Assembly to expedite the legislative process for the Tax Reform Bills to ensure their swift implementation.
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