Deji Elumoye in Abuja

The National Economic Council (NEC) has advised President Bola Tinubu to withdraw forthwith the National Tax Reform Bills before the National Assembly to allow for more consultations.

Briefing newsmen on Thursday at the end of the 144th monthly NEC meeting held at the Council Chambers of the State House, Abuja and presided over by Vice President Kashim Shettima, Governor Seyi Makinde of Oyo state said NEC members agreed that it was necessary to allow for consensus building and understanding of the bill among Nigerians before presenting it to the legislative arm for passage.

According to him: “The Council acknowledged that the country is underperforming on all indices as regards huge deductions from major revenue sources, also tax to GDP ratio and so on.

“So after extensive deliberation, NEC noted the need for sufficient alignment between and among the stakeholders for the proposed reforms.

“So Council therefore recommends the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country, and also to give people, for them to know the vision and where we are moving the country in terms of a tax reform, because there’s really a lot of miscommunication, misinformation.

“So, the bill should be withdrawn from the National Assembly and then there will be consultations afterwards”.

NECs decision is coming days after the Northern Governors kicked against the reform bill and counter explanation by the presidency that the bill was not against the North.

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.

Details later¦

Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.

You can email us at: hello@thisdaylive.com or visit our contact us page.