NEC Proposes Withdrawal Of Tax Reform Bills

NEC Proposes Withdrawal Of Tax Reform BillsIn light of the controversies surrounding the tax reform bill currently before the National Assembly, the National Economic Council (NEC) has recommended its withdrawal. The NEC, chaired by Vice-President Kashim Shettima and composed of state governors, reached this decision during a meeting on Thursday.

Oyo State Governor Seyi Makinde, speaking to State House journalists, explained that the recommendation aims to involve stakeholders more effectively in the process. He emphasized the need for further consultations regarding the bills to ensure alignment on the proposed reforms.

“NEC recognized the need for broader engagement on the tax reform bills and decided to recommend their withdrawal. We identified gaps and concluded that wider consultation is essential,” Makinde stated.

In a related development, the Bola Ahmed Tinubu administration clarified that the proposed tax reform bills are not designed to disadvantage northern states, asserting that the reforms will benefit all regions. This was communicated by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga.

This statement comes after the Northern Governors’ Forum, representing 19 northern states, expressed their opposition to the new derivation-based model for Value-Added Tax (VAT) distribution during a meeting on October 28, 2024. The communiqué was read by the forum’s chairman, Governor Muhammed Inuwa Yahaya of Gombe State, and attended by traditional rulers from the region, including the Sultan of Sokoto, His Eminence Muhammadu Sa’ad Abubakar III.

For more information on this article and other related posts from Bushradiogist, please join our WhatsApp channel by clicking this link https://whatsapp.com/channel/0029VaUumOODTkK7AZL1Fw3o. For advertisement inquiries only, kindly send a message to 090 1907 0863 on WhatsApp.