Reps Disclose Next Action on Tinubu’s Tax Reform Bills Amid Controversy
- In a significant twist, Speaker Abbas Tajudeen confirmed that the House has not debated on the National Tax Reform Bills
- He, however, noted that the green chamber is working to review the contents of the bill and make necessary amendments
- Speaker Abbas Tajudeen stressed the importance of tax reforms for Nigeria’s economic growth, highlighting the need to reduce reliance on debt and improve the country’s tax-to-GDP ratio
TheTalk.NG journalist Esther Odili has over two years of experience covering political parties and movements.
FCT, Abuja – On Monday, November 18, Abbas Tajudeen, the Speaker of the House of Representatives, said the green chamber is yet to disclose its position on the Tax Reform Bill the federal government led by President Bola Ahmed Tinubu submitted to the National Assembly.
Reps to take action on Tinubu’s tax reform bills.
Photo credit: Asiwaju Bola Ahmed Tinubu, House of Representatives, Federal Republic of NigeriaSource: Facebook
House of Representatives to scrutinize tax reform bills
He stated this in his opening remarks at the interactive session on Tax Reform Bills held at the National Assembly, Abuja, on Monday.
However, he said the House would perform its constitutional role of scrutinising the contents of the bills and making amendments where necessary.
Speaking further, Abbas said interaction on the bills would help the House navigate the complexities so that members may forward whatever observation or questions they have regarding the bills.
With Nigeria’s tax-to-GDP ratio at just 6%, Abbas Tajudeen warned that the country must reform its tax system to achieve sustainable economic growth and reduce its dependence on external borrowing, Daily Trust reported.
“Tax reforms are a cornerstone of our House Legislative Agenda because of their central role in achieving sustainable economic growth and development. In every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security.
“Yet, Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation.”
Recall that governors of the 19 northern states aired their strong displeasure with the Tax Bill.
The governors particularly rejected the proposed shift to a Derivation-based Model for Value Added Tax (VAT) distribution.
The Punch reported on Friday, November 1, 2024.
Read related articles about Tax Bill here:
FG proposes new pattern of tax payment
In a related development, TheTalk.NG reported that the federal government proposed a tax payment option that enables individuals to pay their taxes in instalments.
The Nigeria Tax Bill 2024, which was recently submitted to the National Assembly for approval, contained this.
If approved, this means that everyone will have the option to pay their taxes before the filing deadline, either in full at once or in instalments.
Source: TheTalk.NG
