JUST IN: President Tinubu Rejects NEC’s Call to Withdraw Controversial Tax Reform Bills

President Bola Tinubu has dismissed the National Economic Council’s (NEC) recommendation to withdraw the contentious tax reform bills currently before the National Assembly. The recommendation, made by NEC in a meeting on Thursday, was driven by opposition from the Northern Governors’ Forum, which argued that the bills could negatively impact the interests of the region.

NEC, led by Vice President Kashim Shettima and comprising all 36 State Governors, advised that the tax bills should be withdrawn to allow for more consultation. However, in a statement issued by his media aide, Bayo Onanuga, on Friday, Tinubu emphasized his preference for letting the legislative process proceed, rather than pulling the bills from consideration.

The president expressed gratitude to NEC members for their input, but underscored that the current legislative framework provides ample room for stakeholders to contribute, including through public hearings.

“The legislative process, which has already begun, provides an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly,” Tinubu stated, urging the council to permit the process to run its full course.

Tinubu also reiterated that the tax reforms, developed by the Presidential Committee on Tax and Fiscal Policy Reform, were carefully crafted to enhance Nigeria’s economic landscape. Since its inception in August 2023, the committee has gathered input from a wide array of stakeholders, including trade associations, professional bodies, state governors, and representatives from various economic sectors.

“The tax reform bills aim to streamline Nigeria’s tax administration processes, modernize the nation’s tax operations, and align them with global best practices,” Tinubu’s statement added. “The ultimate goal is to foster a more productive economy that is conducive to business and investment growth.”

As the bills continue through the National Assembly, Tinubu assured that further consultations and engagements with stakeholders would take place to address any outstanding concerns.

More details to follow.