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Tax Reform Bill Open For Further Deliberation – Presidency

Published

2 months ago

Nov 4, 2024.

President Bola Tinubu is fully committed to adhering to due process regarding the tax reform bill currently under consideration by the National Assembly, according to his Special Adviser on Communication and Orientation, Sunday Dare.

Speaking on Channels TV, Dare affirmed that the President is respecting the legislative process, allowing it to shape the bill’s progression without executive interference.

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EKO HOT BLOG reports that Dare clarified that the tax reform bill, once enacted, aims to be a transformative tool for Nigeria’s economy.

He encouraged citizens and stakeholders to actively engage as the National Assembly deliberates on the bill, emphasizing that it remains open to discussions and potential adjustments before passage.

“It’s essential because the bills are still in legislative review, not yet laws,” Dare said. “This leaves room for conversations, adjustments, and contributions from various groups, allowing representatives across Nigeria to deliberate on it thoroughly.”

He highlighted the President’s intention to handle tax reforms through a legal framework, explaining that any deviation from legislative procedures would contradict the constitution.

“The President prefers a de jure approach—not de facto. By involving the legislature, we avoid potential constitutional crises and uphold democratic principles,” Dare added.

Tax Reform Bill

Dare described the tax reform bill as forward-looking, focusing on “posterity, not poverty,” and promoting revenue autonomy at the state level. He explained that this autonomy would encourage states to responsibly manage their revenue while retaining a significant portion of generated taxes within their jurisdictions.

Drawing comparisons to other nations that underwent significant tax reform, Dare noted that similar initiatives helped fuel economic transformation.

He expressed optimism that Nigeria’s tax reform bill would set the country on a path to economic growth, creating a more stable and equitable revenue system.