JUST IN: Governors Back Tinubu’s Tax Reforms, Propose Conditions

Jan 16, 2025

—

By: Bayero Ade

The Nigerian Governors Forum (NGF) has expressed support for President Bola Tinubu’s proposed tax reforms, pending approval by the National Assembly.

According to Afripost, in a meeting on Thursday with Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, the governors outlined key conditions for their endorsement. They recommended a new Value-Added Tax (VAT) sharing formula, with 50% allocated for equity, 30% based on derivation, and 20% tied to consumption.

The governors also insisted on retaining the current VAT rate and called for a reduction in Corporate Income Tax (CIT) to enhance economic stability and attract investments.

Further updates to follow as the discussion unfolds.

Comments

One response to “JUST IN: Governors Back Tinubu’s Tax Reforms, Propose Conditions”

Daniel Iliyasu Lawrence

January 16, 2025

I think a more acceptable Value-Added Tax (VAT) sharing formula, with 40% allocated for equity, 30% based on derivation, and 30% tied to consumption should be more like it. That way, everyone is carried along through equity, while derivation and consumption reward contributions to the purse.

Reply