NEC Calls For Withdrawal Of Tax Reform Bills

By Ayodele Oni

The newly introduced Tax Reform Bills now before the national assembly have continued to generate more reactions from stakeholders.

The presidency has come out to defend the bills, while the northern Governors said that they were targeted at them.

The National Economic Council (NEC), chaired by Vice-President Kashim Shettima and comprising state governors, on Thursday, recommended the withdrawal of the Tax Reforms Bill currently under consideration in the National Assembly.

After a NEC meeting in Abuja, Governor Seyi Makinde of Oyo State addressed state House Correspondents, stating that due to the controversies surrounding the bills, the NEC has opted to withdraw them to ensure that stakeholders are included in the process.

“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 yield from major revenue sources, also tax to GDP ratio and so on.

“So after extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.”