President Bola Tinubu commended the Nigeria Governors’ Forum (NGF) for its unanimous endorsement of the four Tax Reform Bills currently under review by the National Assembly. He praised the governors for their bold leadership and commitment to fostering unity across regional, ethnic, and political divides to advance national development.
President Tinubu emphasized that the primary objective of the ongoing Tax Reform Bills is to promote Nigeria’s national interests, enhance the competitiveness of the economy, and attract both local and foreign investments. The bill which was described as “pro-poor,” is aimed at driving economic transformation.
Collaboration Between Federal and State Governments
According to a statement by Tinubu’s spokesperson, Bayo Onanuga, the President highlighted Thursday’s consultation between the NGF and the Presidential Committee on Tax and Fiscal Policy as a shining example of productive collaboration between federal and state governments.
“President Tinubu extends special commendations to the Chairman of the Governors’ Forum, Kwara State Governor Abdulrahman AbdulRazaq, for successfully galvanizing support among his peers for these transformative tax bills. This effort will rejuvenate the national economy and create a more conducive investment climate,” the statement read.
The President also recognized the contributions of the Progressive Governors Forum, the Northern Governors Forum, and other bipartisan groups that helped resolve the initial controversy surrounding the tax bills.
Modernizing Nigeria’s Tax Laws
Tinubu underscored the urgent need to update Nigeria’s outdated tax laws as a crucial step toward improving economic governance. He noted that the ongoing dialogue between the NGF and the Presidential Committee reflects the importance of constructive engagement in addressing policy differences.
“The governors are vital contributors to nation-building,” Tinubu said, reaffirming his administration’s commitment to collaborating with state leaders to drive economic growth, peace, and stability.
Call for Stakeholder Participation
The President encouraged stakeholders with ideas or suggestions to actively participate in the legislative process to refine the Tax Bills. He also urged the National Assembly to expedite its deliberations, emphasizing the importance of swift passage to enable Nigerians to benefit from the reforms.
“These tax reforms are a critical component of our national economic strategy. We must act decisively to position Nigeria for sustained growth and global competitiveness,” Tinubu stated.
Bottom Line
The Tax Reform Bills represent a significant opportunity to modernize Nigeria’s tax system, foster economic growth, and attract investments. The collaboration between the federal government, state governors, and other stakeholders underscores a shared commitment to achieving these goals. As legislative deliberations continue, the spotlight remains on how these reforms will shape the nation’s economic trajectory.
