Press Statement
By Fatima Saka
President Bola Tinubu has officially requested the withdrawal of the tax reform bills sent to the National Assembly to allow for additional consultations.
This decision follows a recommendation from the National Economic Council (NEC), with President Tinubu expressing appreciation for the contributions of NEC members, particularly Vice President Kashim Shettima and the 36 state governors.
According to a press statement from the statement signed by Bayo Onanuga, special adviser to the president on information and strategies on Friday.
President Tinubu emphasized the importance of a legislative process that allows for diverse input and adjustments as necessary, without disrupting ongoing deliberations in the National Assembly. He encouraged the NEC to enable the legislative process to proceed fully, while also welcoming further consultations and stakeholder engagement to address any concerns as the bills move toward passage.
The tax reform initiative began in August 2023 with the establishment of the Presidential Committee on Tax and Fiscal Policy Reform. President Tinubu tasked the committee with creating a more efficient and investment-friendly economic environment.
The committee’s work over the past year included extensive consultation with stakeholders across all geopolitical zones, involving trade associations, professional bodies, government ministries and agencies, governors, traders, students, business owners, and the organized private sector.
The result was a series of bills aimed at overhauling Nigeria’s tax administration to align with global best practices.
Major Highlights of the Four Tax Reform Bills:
1. Nigeria Tax Bill: Designed to reduce multiple taxation and simplify tax obligations, this bill aims to make Nigeria’s economy more competitive by clarifying and streamlining tax processes for both businesses and individuals.
2. Nigeria Tax Administration Bill (NTAB): This bill proposes unified tax administration rules across federal, state
