Nigeria Governors’ Forum Endorses Tax Reform Bills with Significant Recommendations
The Nigeria Governors’ Forum (NGF) has endorsed the Tax Reform Bills, proposing key recommendations to ensure equitable distribution of resources, maintain economic stability, and promote the welfare of citizens.
In a statement issued by the Chairman of the NGF, AbdulRahman AbdulRazaq, the Forum advised against increasing the Value Added Tax (VAT) rate, citing the need to maintain economic stability. Instead, the NGF endorsed a revised VAT sharing formula, which allocates 50% based on equality, 30% based on derivation, and 20% based on population.
The Forum also advocated for the continued exemption of essential goods and agricultural produce from VAT, aiming to safeguard citizens’ welfare and promote agricultural productivity. Additionally, the NGF recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.
The NGF’s endorsement of the Tax Reform Bills is a significant step towards promoting economic growth and development in Nigeria. The Forum’s recommendations are designed to ensure that the tax reform bills benefit all stakeholders, including citizens, businesses, and governments.
“The NGF is committed to supporting policies and initiatives that promote economic growth, stability, and prosperity for all Nigerians,” said AbdulRahman AbdulRazaq, Chairman of the NGF. “We believe that the Tax Reform Bills, with our recommended amendments, will help achieve these goals.”
The NGF’s endorsement of the Tax Reform Bills is expected to pave the way for the passage of the bills by the National Assembly. The Forum’s recommendations will be taken into consideration during the legislative process, ensuring that the final bills reflect the interests of all stakeholders.
In conclusion, the Nigeria Governors’ Forum’s endorsement of the Tax Reform Bills, with significant recommendations, is a crucial step towards promoting economic growth, stability, and prosperity in Nigeria. The Forum’s commitment to supporting policies and initiatives that benefit all Nigerians is commendable, and their recommendations are expected to have a positive impact on the country’s economy.
