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Tax reform bills will not impoverish any region – Presidency

by Present Nigeria
December 4, 2024
in Business
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The Presidency has dismissed claims that the proposed tax reform bills before the National Assembly would impoverish northern Nigeria and would only benefit Lagos and Rivers states.

In a statement released on Monday, December 2, presidential spokesperson, Bayo Onanuga, said the reforms aim to improve the quality of life for all Nigerians, particularly the disadvantaged, and streamline tax administration to foster a better business environment.

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The statement followed concerns raised by Borno State governor, Babagana Zulum, who claimed that the proposed Value Added Tax (VAT) sharing model will only favour states like Lagos and Rivers states. Zulum expressed this while speaking on Channels TV over the weekend.

Reacting to his position, Onanuga described such reactions as unfounded and based on misinformation.

“The tax reform bills will not make Lagos or Rivers states more affluent than others, nor will they impoverish any region,” Onanuga stated, urging Nigerians to reject attempts to polarise the nation over the bills.

He clarified that the bills do not propose scrapping agencies like the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), or the National Information Technology Development Agency (NITDA).

He said these agencies will continue to operate and receive funding through budgetary allocations

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PRESENT, a credible online newspaper from the cell of Red Carpet Communications Limited, is published by an experienced and profoundly resourceful journalist, Yemi Olowolabi.
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