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Tax Reform Bill Not Rushed, Result Of 14 Months’ Planning – Presidency

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3 hours ago

Dec 2, 2024.

The Presidency has dismissed claims that the Tax Reform Bills are being rushed through the National Assembly, emphasizing that the process reflects over 14 months of rigorous work.

Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, stated on Monday that more than 80 professionals across the country contributed to the reforms, warning that any delay could repeat the lengthy and costly legislative process of the Petroleum Industry Bill (PIB).

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EKO HOT BLOG reports that Ajayi noted that stalling the tax reforms would have dire consequences for Nigeria’s economy, highlighting the lessons from the PIB’s 20-year legislative journey.

He argued that the delay in passing the PIB led to lost revenue, reduced investments, and missed opportunities in the oil and gas sector. Ajayi urged lawmakers to avoid similar setbacks, stressing that Nigeria must act swiftly to modernize its tax system and support economic stability.

Criticism of the bill’s pace has also come from Borno State Governor Babagana Zulum, who voiced concerns over its potential impact on the northern region and other parts of the country.

Tax Reform Presidency

In an interview with BBC Hausa, Zulum questioned the urgency, comparing it to the PIB, which took decades to pass. He warned that a rushed process might not yield long-term benefits, suggesting that careful deliberation is necessary to ensure fairness and inclusivity.

Zulum also expressed apprehension that Lagos State might disproportionately benefit from the tax reforms, leaving other states at a disadvantage. He called for a more cautious approach to ensure equitable outcomes for all regions.

In response, Ajayi reiterated that the Tax Reform Bills were meticulously crafted over 14 months to address Nigeria’s economic challenges. He dismissed accusations of ulterior motives behind the reforms, asserting that they are critical for diversifying revenue streams, funding public services, and reducing reliance on oil.

Ajayi emphasized that further delays would jeopardize Nigeria’s economic future, urging lawmakers to prioritize the nation’s interests and avoid repeating past mistakes. He called for transparency and accountability in ensuring the reforms serve as a foundation for long-term growth.