NEWS

NEC Urges Tinubu To Withdraw Tax Reforms Bill From NASS

The National Economic Council (NEC) on Thursday advised President Bola Tinubu to promptly withdraw the Tax Reforms Bill from the National Assembly to allow for broader consultations and consensus-building.

Oyo State Governor Seyi Makinde shared this update while briefing State House correspondents after the 144th NEC meeting, led by Vice President Kashim Shettima at the Council Chamber in the Presidential Villa, Abuja. Makinde noted that council members emphasized the need for consensus and a better public understanding of the bill among Nigerians.

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

Makinde added that this decision was made for the benefit of the entire country and emphasized the need for further consultations regarding the bill.

“We saw the gap and decided that there is a need for a wider consultation.” He added.

Recall that President Bola Tinubu and the Federal Executive Council recently endorsed new policy initiatives to streamline Nigeria’s tax administration processes.

The Federal Government has stated that the new tax laws are designed to improve efficiency and eliminate redundancies in national tax operations. These reforms followed a review of existing tax laws initiated in August 2023, and four executive bills containing these efforts are currently under consideration by the National Assembly.

The NEC’s recommendation came shortly after Northern Governors voiced opposition to the reform bill. In an October 28, 2024, meeting, Governors from the 19 Northern States, under the Northern Governors’ Forum, rejected the proposed derivation-based Value-Added Tax distribution model in the new reform bills before the National Assembly.

A communiqué from the forum, read by its Chairman, Gombe State Governor Muhammed Yahaya, stated that the proposal undermines the interests of the North and other sub-national entities.

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