The National Economic Council has recommended the withdrawal of the Tax reforms bill before the National Assembly.
The Oyo State Governor, Seyi Makinde, who briefed State House correspondents at the end of the 144th NEC meeting, chaired by Vice President Kashim Shettima, at the Council Chamber, Presidential Villa in Abuja said Council agreed to withdraw the bill to allow wider consultation.
He said “NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bill.
“We saw the gap and decided that there is a need for a wider consultation.”
The withdraw came after Northern leaders kicked against the bill, arguing that the distribution formula did not favour the North.
Recall that President Bola Tinubu and the Federal Executive Council recently endorsed new policy initiatives to streamline Nigeria’s tax administration processes.
The Federal Government had said that the new laws are meant to enhance efficiency and eliminate redundancies across the nation’s tax operations.
The reforms emerged after a review of existing tax laws since August 2023. The National Assembly is considering four executive bills containing these tax reform efforts.
