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Pic 15 From left. Permanent Secretary, Federal Ministry of Budget and Economic Planning, Dr Emeka Obi; Minister of Budget and National Planning, Abubakar Bagudu; Minister of Finance and Coordinating Minister of the Economy, Wale Edun and Vice President Kashim Shettima during National Economic Council Meeting at the Presidential Villa in Abuja on Thursday (31/10/2024). 0389/OCTOBER/31/10/2024/Sumaila Ibrahim/ICE/NAN
The National Economic Council, on Thursday, asked President Bola Tinubu to withdraw the Tax Reforms Bills from the National Assembly to allow for wider consultations and consensus building.
Oyo State Governor, Seyi Makinde, said this formed part of resolutions reached at the 144th meeting of the National Economic Council at the State House, Abuja.
Makinde told journalists that the council members agreed that it was necessary to allow for consensus building and understanding of the bills among Nigerians.
“NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bills,” he stated.
Makinde stated that this decision was made for the benefit of the country and emphasized the need for further consultations regarding the bills.
“We saw the gap and decided that there is a need for a wider consultation,” he added.
President Bola Tinubu and the Federal Executive Council recently endorsed new policy initiatives to streamline Nigeria’s tax administration processes.
The Federal Government says the new laws are meant to enhance efficiency and eliminate redundancies across the nation’s tax operations.
The reforms emerged after a review of existing tax laws since August 2023. The National Assembly is considering four executive bills containing these tax reform efforts.
NEC’s decision came days after the Northern Governors kicked against the reform bills.
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.
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