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You are at:Home»Highlights»Governors give National Assembly thumbs up on tax reform bills
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Governors give National Assembly thumbs up on tax reform bills

January 16, 2025No Comments2 Mins Read
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The 36 State Governors under the aegis of Nigeria Governors’ Forum (NGF), on Thursday, expressed overwhelming support for the continuation of the legislative process at the National Assembly that will culminate in the eventual passage of the Tax Reform Bills.

The resolution was contained in a Communiqué issued at the end of the subnational consultations and engagement between NGF and Presidential Tax Reform Committee held in Abuja.

According to the Communiqué issued and signed by the NGF Chairman, Governor AbdulRahman AbdulRazaq of Kwara State, the Governors during the high-level meeting expressed support for a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources on 50% based on equality, 30% based on derivation and 20% based on population.

The Governors also agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time to maintain economic stability.

The Communiqué reads: “We, members of the Nigeria Governors’ Forum (NGF) and presidential tax reform committee, convened on the 16th of January 2025 to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system, and arrived at the following resolutions:

“The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws.

“Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.

“The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources: 50% based on equality, 30% based on derivation, and 20% based on population.”

The Governors also agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability.

“The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity.”

The stakeholders also recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.

“The meeting supports the continuation of the legislative process at the National Assembly that will culminate in the eventual passage of the Tax Reform Bills.”

READ MORE FROM: NIGERIAN TRIBUNE

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