President Bola Ahmed Tinubu has kicked against the recommendation of the National Economic Council (NEC) to withdraw the tax reform bills generating controversy.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement.
He rather explained that the bill should go through the legislative process.
According to the statement, President Bola Tinubu “received the National Economic Council’s recommendation that the tax reform bills already sent to the National Assembly be withdrawn for further consultation.”
The Nigerian leader also commended the National Economic Council members, especially Vice President Kashim Shettima and the 36 State Governors, for their advice.
“He believes that the legislative process, which has already begun, provides an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.
“While urging the NEC to allow the process to take its full course, President Tinubu welcomes further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considers them for passage.
“When President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, he had only one objective: to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive. This objective remains more critical even today than ever before,” the statement read.
On Thursday, the National Economic Council (NEC) expressed reservations over the Tax Reform Bill forwarded by President Bola Tinubu to the National Assembly.
The bill was forwarded to NASS based on the report and recommendations of the Presidential Committee on Fiscal and Tax Reforms set up by the President to help boost revenue generation in the country.
NEC unanimously called for the withdrawal of the bill.
President Tinubu had on September 3, transmitted four tax reform bills to the National Assembly for consideration.
Tinubu, who was on vacation in London at the time, sent the bills via a letter addressed to the Speaker of the House, Abbas Tajudeen. The letter was read on the floor of the House during plenary that day.
The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
The others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.
Tinubu said the bills were designed to support his administration’s objectives and strengthen fiscal institutions in the country.
