Tax Reform Bills: NESG Calls for Comprehensive Legislative Review

NESG CEO, Dr. Tayo Aduloju, with members of the media, December 6, 2024 [NESG]

The Nigerian Economic Summit Group (NESG) has voiced strong support for the tax reform bills currently under consideration by the National Assembly, describing them as essential for achieving fiscal equity and enhancing revenue generation. During a media session on December 6, NESG CEO Tayo Aduloju emphasized that the proposed legislation aims to shift the tax burden from low-income earners to wealthier individuals and profitable businesses. "The President’s instruction to us was clear: tax the harvest, not the seed," he stated, highlighting the need to protect vulnerable populations.

President Bola Tinubu submitted four key bills on October 3, including the Nigeria Tax Bill 2024 and the Tax Administration Bill. While these reforms have garnered support, they face criticism from various groups, particularly in northern Nigeria, where leaders argue that certain provisions could disproportionately affect their states.

Aduloju countered this criticism, urging lawmakers to continue the legislative process despite public concerns. "I think the lawmakers should reopen the hearing and collect as comprehensively as possible all memoranda from every part of Nigeria," he said. He acknowledged that tax reform is politically sensitive but stressed that it is crucial for improving tax justice and addressing unauthorized tax collection practices.

The NESG has played an active role in shaping these reforms, providing extensive analytics and simulations to assess their potential impact. Joseph Ogebe, NESG's Head of Research and Development, noted that initial simulations using data from the 2019-2020 Household Survey indicated significant benefits for local economies. However, he also pointed out that updated projections based on the latest survey data will be available early next year.

Despite backing the reforms, NESG called for a thorough legislative review to ensure that all geopolitical concerns are addressed. Aduloju remarked, "This is a federation, and geopolitics matter. The legislative process must account for equity concerns." He urged lawmakers to refine the bills to ensure they benefit a broader segment of Nigerians.

In conclusion, while acknowledging that the proposed laws may not resolve all fiscal inequities, Aduloju asserted they represent a necessary step forward. "If the final legislation does not protect the working poor or enhance transparency, we will not hesitate to speak out," he warned.

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