Breaking News:Tinubu Responds to NEC’s Call to Withdraw Tax Reform Bills, Advocates for Legislative Process
President Bola Tinubu has responded to the National Economic Council's (NEC) recommendation to withdraw the Tax Reform Bills currently before the National Assembly. The NEC, chaired by Vice-President Kashim Shettima and including all state governors, advised on Thursday that the bills be withdrawn due to concerns raised by various groups.
In a statement issued on Friday by presidential spokesperson Bayo Onanuga, President Tinubu acknowledged the NEC's concerns but expressed confidence in the legislative process. He commended NEC members for their insights yet urged them to allow the bills to proceed through the legislative process, emphasizing that this will enable more consultations and necessary adjustments to address stakeholder concerns.
The Tax Reform Bills represent a comprehensive overhaul of Nigeria’s tax system, aimed at streamlining tax administration, reducing multiple taxation, and aligning Nigeria with global best practices. The four bills include the Nigeria Tax Bill, designed to simplify tax obligations and enhance Nigeria’s competitiveness; the Nigeria Tax Administration Bill, which proposes standardized tax rules across federal, state, and local levels to ease compliance; and the Nigeria Revenue Service Bill, which redefines the Federal Inland Revenue Service’s role as the Nigeria Revenue Service to serve the entire federation.
The fourth bill, the Joint Revenue Board Establishment Bill, proposes a new Joint Revenue Board to replace the Joint Tax Board, covering both federal and state tax authorities. It also introduces the Office of the Tax Ombudsman under the Joint Revenue Board to protect taxpayer interests and resolve disputes.
President Tinubu reiterated his commitment to engaging stakeholders throughout the legislative process, signaling his administration’s openness to refining the bills to achieve efficient tax reforms without disrupting the economy.