BREAKING: Withdraw tax reform bills, NEC tells Tinubu

In order to facilitate more extensive consultations and consensus-building, the National Economic Council requested on Thursday that President Bola Tinubu remove the Tax Reforms Bills from the National Assembly.

Seyi Makinde, the governor of Oyo State, stated that this was one of the resolutions made at the 144th National Economic Council meeting held at the State House in Abuja.
According to Makinde, the council members concurred that it was essential to give Nigerians time to come to an understanding of the bills and form agreement.

"NEC recommended the withdrawal of the tax reform bills and noted the need for sufficient alignment on the proposed reforms," he said.

Makinde underlined the necessity for additional consultations regarding the laws and said that this choice was made for the country's interest.

"We recognised the gap and determined that a broader consultation is necessary," he continued.

Recently, the Federal Executive Council and President Bola Tinubu approved new policy proposals aimed at streamlining Nigeria's tax administration procedures.

The new regulations, according to the federal government, are intended to improve efficiency and get rid of duplications in the country's tax processes.

Following an examination of the current tax legislation since August 2023, the reforms were made. These tax reform initiatives are included in four executive bills that are being considered by the National Assembly.

Days after the Northern Governors protested the reform bills, NEC made its decision.

The new derivation-based model for Value-Added Tax distribution in the new tax reform bills before the National Assembly was rejected by the governors of the 19 Northern States at a meeting on October 28, 2024, organised by the Northern Governors' Forum.

According to a statement delivered by Gombe State Governor Muhammad Yahaya, the forum's chairman, the proposal disregards the interests of the North and other subnationals.