BREAKING: NEC Orders President Tinubu To Withdraw Controversial Tax Reforms Bill

NEC has ordered President Tinubu to withdraw the controversial Tax Reforms Bill from NASS.

 

NewsOnline Nigeria reports that the National Economic Council has urged President Bola Tinubu to immediately withdraw the Tax Reforms Bill from the National Assembly to allow for wider consultations and consensus building.

This Nigeria news platform understands that Oyo State Governor, Seyi Makinde, disclosed this while briefing State House correspondents at the end of the 144th NEC, meeting, chaired by Vice President Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

 

ALSO: Taiwo Oyedele Responds To Northern Governors’ Opposition To Derivation Model Of VAT Distribution

 

Makinde explained that the council members agreed that it was necessary to allow for consensus building and understanding of the bill among Nigerians.

 

According to him, “NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bill.”

 

Makinde added that this decision was made for the benefit of the entire country and emphasized the need for further consultations regarding the bill.

 

“We saw the gap and decided that there is a need for a wider consultation.” He added.

 

Recall that President Bola Tinubu and the Federal Executive Council recently endorsed new policy initiatives to streamline Nigeria’s tax administration processes.

 

The Federal Government had said that 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 recommendation came days after the Northern Governors kicked against the reform bill.

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.

 

Details later….