NEC calls for withdrawal of tax reform bill

The 36 state governors under the aegis of the National Economic Council (NEC), on Thursday, called for the tax reform bill, currently before the National Assembly.

Seyi Makinde, the governor of Oyo State discloses this while briefing State House journalists after the Council meeting.

He disclosed that the decision was taken after NEC took a presentation from Taiwo Oyedele, the Chairman of the Presidential Committee on fiscal policy and tax reforms. Their main focus is fair taxation, responsible borrowing and sustainable spending.

The Council acknowledged that the country is underperforming on all indices as regards huge from major revenue sources, also tax to GDP ratio and so on.

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He disclosed that after an extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.

” So, Council therefore recommend the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country, and also to give people, for them to know the vision and where we are moving the country in terms of a tax reform, because there’s really a lot of miscommunication, misinformation.

“So, the bill will be withdrawn from the National Assembly and then there will be consultations afterwards”.

This is a developing story. Details later …