- Says Implementation Begins In July
By Abiola Olawale
The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele has revealed that the National Assembly (NASS) is expected to pass the tax reform bills proposed by President Bola Ahmed Tinubu by March 2025, with implementation of these reforms scheduled to begin in July 2025.
This information was shared during his speech at an event called The Platform in Lagos.
“I need to talk about the tax reforms. Part of the expectation is we expect the tax reforms to be approved, particularly the tax reform bills in 2025.
“Our expectation is before the end of Q1 and therefore, we can give notice to taxpayers to prepare themselves with capacity and begin to implement around 1st of July,” he said.
This comes after Nigerian Governors had announced their decision to throw their weight behind the tax reform bills submitted to the National Assembly by Tinubu, with some modifications.
READ ALSO: Akpabio Felicitates With Muslims At Sallah, Drums Support For Tinubu’s Govt The President of the Senate, Senator Godswill Akpabio on Tuesday felicitated with Muslims over the Eid-el-Kabir celebrations and urged Nigerians to support the administration of President Bola Tinubu. Akpabio, in a release, implored Muslims in Nigeria to imbibe the spirit of the season, reminding them that the “essence of the season which underscores our submission to the will of the Almighty God and the importance of sacrifice in our daily life should not be lost on us.” The Senate President recalled that since Tinubu’s inauguration began on May 29, he has taken some bold steps in the right direction. He noted that some of the actions may be inconveniencing, and hailed the resilience of Nigerians in the face of current challenges. “I salute the resilience and patriotism of Nigerians in the face of the current challenges facing our nation. We should all see it as part of the process of nation-building. “Even though the measures bring with them some inconveniences, I earnestly appeal to fellow Nigerians to look at the larger picture of the expected outcomes, be patient with the new government and give it their full support to take Nigeria out of the woods,” Akpabio added. See the full statement below: I most happily join Nigerians, particularly the Muslim Ummah, in celebrating this year’s Sallah festival. I especially rejoice with our dear President Bola Ahmed Tinubu as he celebrates the first Eid-el-Kabir as President of the Federal Republic of Nigeria. I also congratulate the Vice President, Senator Kashim Shettima, and the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, on the occasion of the celebrations of an important pillar of Islam.As we join our Muslim brethren to observe this day, the essence of the season which underscores our submission to the will of the Almighty God and the importance of sacrifice in our daily life should not be lost on us. I salute the resilience and patriotism of Nigerians in the face of the current challenges facing our nation. We should all see it as part of the process of nation building. In just a few weeks since his inauguration, President Tinubu has taken some bold steps which have been globally acclaimed as being in the right direction. Even though the measures bring with them some inconveniences, I earnestly appeal to fellow Nigerians to look at the larger picture of the expected outcomes, be patient with the new government and give it their full support to take Nigeria out of the woods. The 10th National Assembly will do its utmost to provide President Tinubu-led government complementary support through necessary legislative interventions for the benefit of Nigerians. We will, in the process, ensure inclusivity, fairness and justice for Nigerians through legislations. I wish you all a happy celebrations. Signed: Godswill Obot Akpabio, CON
The governors Forum’s decision followed notable resistance, particularly from northern governors, who had initially opposed the tax reform bills following concerns over regional economic impacts.
The New Diplomat reports that the tax reform bills which is reportedly aimed at overhauling Nigeria’s tax system, had sparked significant debate, particularly over proposed changes to the Value Added Tax (VAT) distribution model and other issues.
The opposition primarily stems from concerns over the distribution of VAT under the new proposals, which Northern governors argued would disproportionately benefit certain states, particularly Lagos, at the expense of others, especially in the North.
Meanwhile, the NASS is now expected to resume deliberations on the bills after the suspension of actions on it last year.
The bills have passed the Second Reading in the Senate and have been referred to the Committee on Finance for further legislative actions.
