The National Economic Council (NEC) has expressed reservations about President Bola Tinubu’s forwarding of the Tax Reform Bill to the National Assembly.
The measure was sent to NASS based on the findings and suggestions of the Presidential Committee on Fiscal and Tax Reforms, which the President established to increase the nation’s revenue generation.
The NEC unanimously demanded that the bill be withdrawn.
This was one of the decisions made at the National Economic Council meeting held at the Presidential Villa in Abuja, which was presided over by Vice President Kashim Shettima.
Briefing State House Correspondents after the meeting, the governors noted the need for sufficient alignment among the stakeholders for the proposed reforms.
According to Oyo State Governor Seyi Makinde, who briefed reporters, the NEC noted that in order to guarantee that the law benefits all Nigerians, sufficient consultations had to be held to gather the opinions of stakeholders, including state governors.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms presented to NEC today. Fair taxes, prudent borrowing, and sustainable spending are their top priorities,” he stated.
The Council recognised that the nation is underperforming on every metric, including the yield from its main sources of income, the tax to GDP ratio, and others.
Following much discussion, NEC concluded that the suggested improvements require adequate agreement between and among the stakeholders.
