The National Economic Council (NEC) has unanimously called for the withdrawal of the Tax Reform Bill forwarded by President Bola Tinubu to the National Assembly. This is part of the resolutions reached at the recent National Economic Council meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja.
The Governor of Oyo State, Seyi Makinde while briefing journalists said NEC observed that adequate consultations needed to be made to get the views of stakeholders including the state governors to ensure that the law is favourable to all Nigerians.
Governor Seyi Makinde stated thus:
“NEC today took a presentation from the Chairman of the Presidential Committee on fiscal policy and tax reforms. Their main focus is fair taxation, responsible borrowing, and sustainable spending,” he said.
“The Council acknowledged that the country is underperforming on all indices as regards yield from major revenue sources, also tax to GDP ratio and so on.
“So after extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.
“So Council, therefore, recommend the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country, and also to give people, for them to know the vision and where we are moving the country in terms of a tax reform because there’s really a lot of miscommunication, misinformation”