NEC Advises Tinubu to Withdraw Tax Reform Bills from N’Assembly

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“So, the bill should be withdrawn from the National Assembly and then there will be consultations afterwards”.

NEC’s 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…