The ongoing discourse surrounding the transformative Tax Reform Bills before the National Assembly has been clouded by misinformation, with some commentators deliberately misleading the public. Contrary to claims, the bills do not recommend the dissolution of crucial agencies such as the Tertiary Education Trust Fund (TETFUND), National Agency for Science and Engineering Infrastructure (NASENI), or National Information Technology Development Agency (NITDA).
Instead, the proposed reforms aim to streamline Nigeria’s tax system, alleviating the burden on businesses while fostering equitable development nationwide. Assertions that the reforms will impoverish the North or disproportionately benefit states like Lagos and Rivers are baseless. These bills are designed to enhance the quality of life for all Nigerians, particularly the disadvantaged.
The reforms outlined in section 59(3) of the Nigeria Tax Bill propose consolidating specific earmarked taxes into a single levy. This phased implementation, set to extend to 2030, ensures continued funding for agencies like NASENI, TETFUND, and NITDA through budgetary provisions while encouraging them to diversify their revenue streams in line with international best practices. Changing an agency's funding model does not equate to its scrapping.
President Bola Ahmed Tinubu initiated these reforms to modernize Nigeria’s tax framework, making the business environment more competitive and conducive to investment. Over time, this will stimulate economic growth and create opportunities for all citizens.
The presidency has called on Nigerians to engage constructively through the upcoming National Assembly Public Hearings, ensuring that all perspectives are considered. Leaders, stakeholders, and public commentators are urged to rely on facts and avoid inflammatory rhetoric that could polarize the nation.
These reforms are not only timely but also necessary for achieving the inclusive development and prosperity that Nigerians deserve.
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Full Statement by Bayo Onanuga, Special Adviser to the President (Information & Strategy), December 2, 2024, Attached Below:
(Attach original press statement here)
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