The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has confirmed that the National Assembly will pass the controversial tax reform bills into law by the first quarter of 2025. Speaking at The Platform, an event hosted by The Covenant Nation, Oyedele added that the implementation of these reforms is expected to begin in July.
Following a pause on deliberations last year, the National Assembly is set to resume discussions on the bills. The legislation, which includes four tax reform bills, was proposed by President Bola Tinubu on October 13, 2024, and has since faced significant opposition, particularly from northern groups who have criticised the reforms.
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However, the bills recently gained support from the Nigerian Governors Forum (NGF), which also suggested a more “equitable” formula for the distribution of VAT revenues. Oyedele defended the government’s decision to remove fuel subsidies, arguing that the policy was no longer sustainable for Nigeria’s economy.
The economic reforms being pursued by the Tinubu administration, according to Oyedele, are already beginning to show positive results, despite the initial challenges and backlash surrounding some of the policies.
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