President Bola Ahmed Tinubu has commended the Nigeria Governors’ Forum NGF, the Northern Governors Forum, and all other groups on the unanimous endorsement of the four Tax Reform Bills currently under consideration by the National Assembly.
In a statement signed by the Presidential Spokesperson, Mr Bayo Onanuga on Friday, the President noted that the dialogue between the NGF and the Presidential Committee on Tax and Fiscal Policy Reform highlighted the power of constructive conversation in resolving differences.
Bold leadership
President Tinubu lauded the Governors for their bold leadership and commitment to fostering unity among leaders nationwide, transcending regional, ethnic, and political barriers to advance Nigeria’s development.
He extended special commendations to the Chairman of the Governors’ Forum, Kwara State Governor, Abdulrahman AbdulRazaq, for successfully galvanising support among his peers for the transformative Tax bills to rejuvenate the national economy and enhance Nigeria’s investment climate.
The President further lauded all groups that made the bipartisan resolution of the controversy stirred by the tax bills possible.
He emphasized that the primary goal of the pro-poor Tax Reform Bills is to advance national interests, enhance Nigeria’s economic competitiveness, and attract both local and foreign investments.
President Tinubu said that “updating the country’s outdated tax laws is essential to achieving the objective.”
Thursday’s productive consultation between the Nigeria Governors’ Forum and the Presidential Committee on Tax and Fiscal Policy is a commendable example of cooperation between the Nigerian and State governments.
Acknowledging the Governors as vital contributors to nation-building , President Tinubu affirmed his commitment to partnering with them to promote economic growth, national harmony, peace, and stability.
He encouraged other stakeholders with ideas and suggestions for refining the Tax Bills to engage with the ongoing legislative process at the National Assembly.
Furthermore, President Tinubu urged the National Assembly to expedite the legislative process for the crucial bills so as to enable the country swiftly reap the benefits of the reforms.
The Nigeria Governors’ Forum had on Thursday endorsed a revised Value Added Tax sharing formula in the proposed Tax Reform Bills to ensure equitable distribution of resources across the country.
The Governors after their subnational consultations and engagement with the Presidential Tax Reform Committee
recommended that the sharing formula of VAT should be 50 percent, based on equity, 30 percent based on derivation.
Mercy Chukwudiebere
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