
Tinubu
By Tanko Lami
President Bola Tinubu has praised the Nigerian Governors’ Forum (NGF) for supporting the proposed tax reform bills currently before the National Assembly.
Following a meeting between the NGF and the Presidential Tax Reform Committee on January 16, the governors expressed their backing for the reforms while advocating for an “equitable” value-added tax (VAT) sharing formula.
The forum proposed a VAT-sharing formula of 50 per cent based on equality, 30 per cent on derivation, and 20 per cent on population, differing from the federal government’s proposed structure of 60 per cent derivation, 20 per cent equality, and 20 per cent population.
In a statement released on Friday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu emphasized the crucial role of governors in nation-building and commended their commitment to advancing the country’s development.
“President Bola Tinubu expresses his appreciation for the Nigeria Governors’ Forum following their unanimous endorsement of the four Tax Reform Bills currently under consideration by the National Assembly,” the statement reads.
“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 Federal and State governments.
“He extends special commendations to the Chairman of the Governors’ Forum, Kwara State Governor Abdulrahman AbdulRazaq, for successfully galvanising support among his peers for these transformative tax bills to rejuvenate the national economy and enhance Nigeria’s investment climate.
“He also commends the Progressive Governors Forum, the Northern Governors Forum, and all other groups that made the bipartisan resolution of the controversy stirred by the tax bills possible.”
President Bola Tinubu stated that the primary objective of the proposed tax reform bills is to advance national interests, enhance Nigeria’s economic competitiveness, and attract both local and foreign investments.
He encouraged stakeholders with ideas or suggestions for improving the bills to actively participate in the ongoing legislative process at the National Assembly.
The president also called on the National Assembly to fast-track the legislative process for the swift passage of the tax reform bills.
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