3 days Ago By Paschal Njoku
ABUJA -A coalition of Arewa Groups, made up of 300 organizations across 19 northern states, has thrown its weight behind President Bola Tinubu’s tax reform bills. In a statement co-signed by Alhaji Usman Abubakar and Obadiah Amos, the group commended President Tinubu’s vision to reshape Nigeria’s fiscal framework, promoting economic growth and sustainability. “We pass a vote of confidence in the FIRS Chairman and express our full support for President Tinubu’s tax bills.
“The Nigeria Tax Bill 2024 demonstrates President Tinubu’s commitment to the nation’s prosperity. We believe these measures will foster economic development, enhance revenue generation, and promote Nigeria’s growth. “Our support for the tax bills is grounded in our conviction that they will ultimately benefit the Nigerian people.
“Furthermore, we acknowledge the importance of transparency in the tax system. The bill’s provisions for price transparency and monitoring of publication costs and fees are particularly noteworthy. This level of transparency will contribute to establishing fair and reasonable prices for publishing services, the group stated.
Therefore, they urged the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, and ensuring it’s timely implementation. The group said the endorsement comes after a thorough examination and exhaustive consideration of the proposed legislation during a meeting in Kaduna on Friday. The coalition also applauded the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, for clarifying the bill’s details through media engagements.
According to the group, “We, the Coalition of Arewa Groups, comprising 300 organizations across the 19 northern states, gathered in Kaduna on Friday to deliberate on President Bola Ahmed Tinubu’s tax bill. “After thorough examination and exhaustive consideration, we unequivocally endorse the proposed legislation. “Our endorsement is premised on the understanding that the tax bills are designed to consolidate taxation frameworks, promote economic growth, and ensure sustainability.
“The Presidential Committee on Fiscal and Tax reforms, headed by Taiwo Oyedele, has presented a comprehensive bill to the Federal Executive Council. “This bill aims to harmonize multiple taxes and levies, unify revenue collection functions, and modernize the tax system. We commend President Tinubu’s vision to reshape Nigeria’s fiscal framework.
“Key provisions of the bill include a gradual increase in Value Added Tax (VAT) from 7.5% to 15% by 2030. Company Income Tax will be set at 27.
5% for large companies, reducing to 25% from 2026. “A 4% development levy will be imposed on companies to fund the Student Education Loan Fund. Additionally, a 5% excise duty will be applied to lottery, gaming, and telecommunications services”.
The group applauded the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, for clarifying the bill’s details through media engagements, adding that his efforts have significantly contributed to public understanding. “In conclusion, we reaffirm our endorsement of President Tinubu’s tax bills. We urge the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring its timely implementation.
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