Northern Economic Development Forum Supports President Tinubu’s Tax Reforms, Assures Northern Governors of Benefits
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The Northern Economic Development Forum has expressed strong support for the tax reform policies recently introduced by President Bola Tinubu, allaying concerns raised by Northern governors. The Forum, in a statement, emphasized that the North stands to benefit from these reforms, countering the governors’ objections that the new tax laws could harm the region’s interests.
While the Northern Governors had urged the National Assembly to reject the proposed tax reform bills, citing potential adverse effects on the people of the North, the development forum reassured the public that there is no cause for alarm. It underscored the importance of understanding the proposed changes, stating that the reforms aim to modernize Nigeria’s tax system, streamline processes, and improve revenue collection across the nation.
The reform package, which includes the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, seeks to restructure tax processes and create a unified revenue service. These changes are designed to simplify financial obligations for businesses and citizens alike.
The Forum, led by Dr. Mustapha Ibrahim Gusau, pointed out that the reforms will not increase the number of taxes currently levied, nor will they raise the rates of existing taxes. Rather, the goal is to optimize and harmonize existing tax frameworks, ensuring a more equitable distribution of tax obligations without placing an additional financial burden on Nigerians.
One of the key assurances made by the Forum was that the reforms will not lead to job losses. Instead, the proposed changes are expected to open up new avenues for job creation, contributing to a dynamic and growth-oriented economy. Additionally, the reforms are structured to simplify compliance, particularly for small and medium-sized enterprises (SMEs), ensuring that businesses and individual taxpayers face fewer administrative hurdles.
The Forum also stressed that the new laws will not absorb or eliminate the functions of any existing government departments or agencies. Rather, the intention is to harmonize and streamline the revenue collection system to create a more cohesive and efficient financial management structure across the country.
The Northern Economic Development Forum has announced plans to launch a massive awareness campaign across all 19 states of Northern Nigeria to inform the public about the benefits of the reforms. The campaign aims to address potential misconceptions and highlight the positive impact the reforms will have on regional and national development.
In conclusion, the Forum urged all Nigerians, especially those in the North, to embrace the tax reforms, emphasizing that they are designed to promote transparency, modernize the tax system, improve government efficiency, and align with international standards. The Forum called for unity and understanding, advising against stirring unnecessary tension over the reforms.
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