The National Economic Council (NEC) on Thursday recommended the withdrawal of the Tax Reform Bill opposed by the northern states.
The decision followed a presentation by the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighting the need for a fair taxation system, responsible borrowing, and sustainable government spending.
At a meeting of the council presided over by its chairman, Vice President Kashim Shettima, at the Presidential Villa, Abuja, Oyo State, Engr. Seyi Makinde, disclosed that it decided to request for the withdrawal as a result of the controversy the bill has engendered.
Makinde added that the withdrawal will enable all stakeholders to be carried along saying: “NEC today took a presentation from 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.”
He further said, “So, after 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“So, the bill will be withdrawn from the National Assembly.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.”
