Afenifere Expresses Concerns Over Proposed Tax Reform Bills

Afenifere Expresses Concerns Over Proposed Tax Reform BillsThe pan-Yoruba socio-political group, Afenifere, has expressed its support for the Tax Reform Bills currently under consideration, despite the controversy they have sparked across the nation. In a statement released on Sunday, the group distanced itself from other opposing socio-cultural organizations and affirmed its belief that the proposed reforms by President Bola Tinubu are in the country’s best interest.....KINDLY READ THE FULL STORY HERE▶

Abagun Omololu, the group’s Organising Secretary, highlighted the potential economic benefits the bills could bring to all regions, including the northern states. “Afenifere supports the tax reform because of its promise to revive the economy. The bills are a crucial step towards stimulating the Nigerian economy, and through these reforms, we expect to see improvements in revenue generation at both the federal and state levels. This will be key to funding critical infrastructure and social services that will benefit all Nigerians, including those in the North,” Omololu stated.

He further emphasized that the proposed changes to VAT administration would align revenue distribution more closely with actual consumption patterns, ensuring that states receive funding based on economic activity rather than outdated historical allocations.

The four tax bills currently before the National Assembly include the Nigeria Tax Bill 2024, which seeks to provide a new fiscal framework for taxation, the Tax Administration Bill to establish a legal framework for taxes and reduce disputes, the Nigeria Revenue Service Establishment Bill, which would repeal the Federal Inland Revenue Service Act and create the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, aimed at setting up a tax tribunal and ombudsman.

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