Tinubu Disagrees With Shettima, NEC, Insists On Tax Reforms

President Bola Tinubu has responded to the National Economic Council’s (NEC) recommendation to withdraw the tax reform bills currently before the National Assembly for further consultation.

In a statement on Friday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the President, while acknowledging the contributions of NEC members, including Vice President Kashim Shettima and the 36 State Governors, diverged from their proposal, emphasizing the importance of maintaining the legislative process.

President Tinubu commended the NEC’s efforts and input on the tax reform initiative, expressing appreciation for their insights, especially in promoting a comprehensive national tax policy.

However, he maintained that the bills should remain within the National Assembly’s legislative pipeline, as the ongoing process presents ample opportunities for adjustments and stakeholder input.

The tax reform bills, which include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board Establishment Bill, aim to streamline Nigeria’s tax system, eliminate redundancy, and align the nation’s tax operations with global standards.

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The proposed reforms seek to consolidate taxes such as Company Income Tax (CIT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Petroleum Profits Tax (PPT), and Value-Added Tax (VAT) into a more unified and efficient framework.

President Tinubu reiterated that the legislative phase provides a suitable platform for addressing any issues raised by stakeholders, allowing for necessary amendments without halting the process entirely.

He expressed openness to further consultations but encouraged NEC members to support the bills as they stand, ensuring the process takes its due course to bolster Nigeria’s economic structure and create a conducive environment for investment and business operations.

He noted that the bills are the result of extensive work by the Presidential Committee on Tax and Fiscal Policy Reform.

Since its inception in August 2023, he said the committee has gathered input from various sectors, including trade associations, professional bodies, government ministries, students, and the private sector across Nigeria’s geopolitical zones.