President Tinubu Urges Legislative Review of Tax Reform Bill Amid Calls for Withdrawal

President Bola Tinubu says his administration's Tax Reform Bill now before the National Assembly should be allowed to go through legislative process. 

At its last meeting in Abuja, the National Economic Council NEC recommended the withdrawal of the Bill to pave way for comprehensive consultations. 

Reacting to the recommendation, the President said the Bill had provisions for inputs and necessary changes, which could be addressed during public hearing. 

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.

A statement says when President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, his only objective was to reposition the economy, make the operating environment for investment and businesses more conducive. 

It argues that the committee worked for over a year and received inputs from various segments of society across the geopolitical zones, including trade associations, professional bodies, different Ministries and Government Agencies, Governors, traders, students, business owners, and the organised private sector, adding that the tax bills that emerged were distilled from the extensive work of the Presidential Committee.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, in a statement says the tax bills before the National Assembly aims to streamline Nigeria’s tax administration processes, completely overhaul the nation’s tax operations, and align them with global best practices.

It points out that under existing laws, taxes like Company Income Tax (CIT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Petroleum Profits Tax (PPT), Tertiary Education Tax (TET), Value-Added Tax (VAT), and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.

It also explains that the proposed reforms seek to consolidate the numerous taxes, integrating CIT, PIT, CGT, VAT, PPT, and excise duties into a unified structure to reduce administrative fragmentation.

The statement says while there may be differences in approach or specific provisions of the new tax bills, what is not in contention is the need to review the country’s tax laws and how they are administered to serve the overall national development agenda.

It stresses that President Tinubu will continue to respect and welcome the advice and recommendations of the NEC. 

Bello Wakili