NEC asks Tinubu to Withdraw Tax Reform Bills from National Assembly

The National Economic Council (NEC) has called on President Bola Tinubu to withdraw the Tax Reforms Bills from the National Assembly.

This was a partial resolution reached at its 144th meeting held at the State House, Abuja on Thursday.

Speaking to newsmen after the meeting, Oyo State Governor, Seyi Makinde, explained that the bills needed to be withdrawn so that NEC could deliberate more on them and build consensus.

“NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bills.

“We saw the gap and decided that there is a need for a wider consultation,” Makinde said.

New policy initiatives aimed at updating Nigeria’s tax administration processes were, recently, endorsed by the President and the Federal Executive Council (FEC).

The new laws aim to boost efficiency and check superfluity across Nigeria’s tax operations.

Existing tax laws have been subject to review since August 2023 with the emerging reforms serving as four executive bills being presently considered by the National Assembly.

Earlier, Northern Governors expressed their dislike of the reform bills.

Governors of the 19 Northern States, under the aegis of the Northern Governors’ Forum (NGF), at a meeting on October 28, 2024, rejected the new derivation-based model for Value-Added Tax distribution in the new tax reform bills been considered by the National Assembly.

The Chairman of the forum, Governor Muhammed Yahaya of Gombe State, in a communique issued, noted that the reforms do not favour the North.