The controversial bill of President Bola Tinubu on tax reform has passed the second reading. The bill has caused uproar in the Senate after it generated comments and arguments in the northern region, which feels the bill is unnecessary and harmful to its interests.
Mr. Ali Ndume, the Chief Whip of the Senate as well as the Northern Elders Forum have voiced their rejection of the bill which seeks to give more to states that generate Valued Added Tax. President Bola Tinubu’s administration argued that a number of states are earning without contributing to the generation of funds.
On Thursday, a spokesperson for the president, Sunday Dare reported that the Senate had passed the bill and that it had raised the prospects for “strengthening the economy”.
He added, “President Tinubu had sent the four bills to the National Assembly, including the Nigeria Tax Bill 2024, the Tax Administration Bill, and the Nigeria Revenue Service Establishment Bill, meant to repeal the Federal Inland Revenue Service (FIRS) Act and create the Nigeria Revenue Service (NRS) and, the Joint Revenue Board Establishment Bill saying their passage will bring the country economic prosperity.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, had earlier in the week briefed Senators about how passage of the bills will transform Nigeria into an economic powerhouse.”
