The presidency has fired back at Governor Babagana Zulum of Borno State, describing his comment on the Tax Reform Bills as “backward thinking.”..CONTINUE READING>>>
Zulum had joined other northern elites in rejecting the bill, claiming it would severely affect the north and plunge its people into poverty.
The governor had cited the example of the Petroleum Industry Bill (PIB), which took the National Assembly 20 years to pass. He questioned why the federal government was in a hurry to pass the Tax Reform Bills.
However, the presidency has countered Zulum’s argument, saying his comment reflects “backward thinking.”
According to Temitope Ajayi, President Bola Tinubu’s senior special assistant on media and publicity, Nigeria lost significant investments during the 20 years it took to pass the PIB into law. Ajayi also debunked the idea that the Tax Reform Bills are being rushed through the National Assembly.
Ajayi explained that the presidential fiscal policy and tax reforms committee spent 14 months crafting the bill. The committee, he said, comprised 80 professionals drawn from the 36 states and the Federal Capital Territory.
His words, “It is very disingenuous to say that the Tax Reform Bills that are product of 14 months of extensive work by over 80 professionals drawn from every part of the country, across various professions and sectors of the economy are being rushed through the National Assembly for ulterior motive.
“The suggestion that it took Petroleum Industry Bill (PIB) over 20 to get through the parliament is backward thinking. Nigeria lost too much for the failure to pass the PIB on time in terms of revenue, investments and jobs in the Oil & Gas sector.
“We should not wait for another 20 years to do what is right for our country.”
Ajayi’s comment was accompanied by a schedule of the committee’s engagement plan with stakeholders.
The Tax Reform Bills have been a subject of controversy, with many northern governors and lawmakers opposing them.
The bills aim to ensure uniformity in tax revenue administration across Nigeria, eliminate double taxation, and use taxation to encourage private sector investment in critical industries…CONTINUE READING>>>
