BREAKING: Tinubu declines Shettima-led NEC recommendation, insists on tax reform bills

“President Bola Tinubu has received the National Economic Council’s recommendation that the tax reform bills already sent to the National Assembly be withdrawn for further consultation,” the statement read. “President Tinubu commends the National Economic Council members, especially Vice President Kashim Shettima and the 36 State Governors, for their advice. He believes that the legislative process, which has already begun, provides an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.”

He further encouraged NEC to engage in constructive dialogue with stakeholders to address concerns while the bills are still under parliamentary review. Tinubu noted that the proposed reforms were carefully crafted by the Presidential Committee on Tax and Fiscal Policy Reform, a body he established in August 2023 with the goal of fostering a more productive economy and improving conditions for business and investment.

“The Committee worked for over a year and received inputs from various segments of society across the geopolitical zones, including trade associations, professional bodies, different Ministries and Government Agencies, Governors, traders, students, business owners, and the organised private sector,” Tinubu added. “The tax reform bills that emerged were distilled from the extensive work of the Presidential Committee.”

The bills, including the Nigeria Tax Bill 2024 and the Tax Administration Bill, aim to modernize the nation’s tax system and align it with international standards.