NEC calls for the withdrawal of the Tax Reform Bill, urging broader consultations to ensure economic inclusivity and effectiveness.(Photo by Nigerian Presidency/Anadolu via Getty Images)
EPICSTORIAN — The National Economic Council (NEC) has recommended the withdrawal of the proposed Tax Reform Bill currently under review by Nigeria’s National Assembly.
The NEC’s recommendation stems from a desire for greater public input and stakeholder engagement to ensure that the reform benefits are fully realised without unforeseen negative impacts, according to a report by the Federal ministry of Information and National Orientation (FMINO).
Taiwo Oyedele presented details of the Tax Reform Bill
The decision came during a recent NEC meeting where Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, presented the reform’s details and expected outcomes.
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The Council highlighted their strong belief in fostering more inclusive dialogue, in such a way that the reforms can be adjusted to align better with the diverse needs of Nigeria’s economy.
This includes engaging a broader range of voices, allowing the reform to reflect a consensus that can drive long-term economic growth and resilience for Nigerians.
A significant part of the Council’s discussion focused on the bill’s impact on Value-Added Tax (VAT) distribution, which remains a sensitive issue for state-level revenue.
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The NEC anticipates that expanded consultation will address these concerns, especially from regional stakeholders worried about reduced revenues. The bill aims to diversify Nigeria’s revenue base, which the administration considers vital to reducing dependence on a limited range of sectors.
Vice President Kashim Shettima, presiding over the meeting, stressed the need for an inclusive approach, asserting that economic stability depends on thoughtful, comprehensive fiscal policy.
“I must admit that the tax reforms initiated at the onset of this administration by His Excellency, President Bola Ahmed Tinubu, have opened avenues to address stakeholders’ concerns, particularly regarding VAT reform and its implications for sub-national revenues,” Shettima said.
While speaking, the NEC chairman, Vice president Shettima also emphasised the government’s commitment to inclusive policy development and announced a timeline for future consultations involving both public and private sector leaders.
“As representatives of diverse interests, I have no doubt that you share a common aspiration: to broaden our revenue base, foster economic stability, and diminish our dependency on specific sectors,” he added.
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