The National Economic Council (NEC) has advised President Bola Tinubu to withdraw the Tax Reforms Bill from the National Assembly, citing the need for wider consultations and consensus building among stakeholders.
This decision was reached at the 144th NEC meeting held at the State House, Abuja, where Oyo State Governor Seyi Makinde emphasized the importance of allowing Nigerians to understand and build consensus on the bill.
The Tax Reforms Bill, endorsed by the Federal Executive Council, aims to streamline Nigeria’s tax administration processes, enhance efficiency, and eliminate redundancies. However, the northern elites have expressed disfavor towards the reforms, prompting the NEC to seek broader consultation and consensus building.
Withdrawing the bill will help the government engage in further discussions and build a stronger consensus, ultimately leading to more effective and widely accepted tax reforms.
As the government revisits the bill, it is essential to prioritize transparency, engagement, and the incorporation of feedback from various stakeholders.
The Tax Reforms Bill emerged after a review of existing tax laws since August 2023, indicating a desire to modernize and improve Nigeria’s tax system.
However, the reforms must be implemented in a manner that considers the concerns and needs of all Nigerians.
The NEC’s advice to withdraw the bill provides an opportunity for the government to reassess and refine the reforms, ensuring they align with the country’s economic goals and social realities.
