The Fiscal Responsibility Commission has emphasized the need for widespread support from all geopolitical zones for the Tax Reform Bills currently being deliberated by the National Assembly. The Commission’s Chairman, Victor Muruako, conveyed this message during an event held at the NDIC Academy in Abuja. The bills, crafted by the Presidential Fiscal Policy and Tax Reforms Committee, have encountered resistance from various quarters, resulting in the suspension of legislative progress on them.
Muruako highlighted that the Commission’s scrutiny of the bills did not reveal any biases towards specific regions or groups within the country. He urged stakeholders from all regions to back the bills due to their potential to bring about positive changes benefiting all Nigerians.
The proposed reforms aim to ensure fair distribution of resources among Nigeria’s states, with a focus on aiding low-income earners and small businesses. Some of the key benefits include tax relief for individuals earning less than N1.7m annually and tax exemptions for businesses with turnovers below N50m. The reforms also aim to simplify the tax system, reduce the number of taxes and levies, increase revenue for sub-national governments, and enhance the ease of doing business in the country.
Muruako expressed optimism that the tax relief for low-income earners would promote savings and investment at the household level, ultimately leading to economic growth. The reduced tax burden on small businesses is expected to facilitate their growth and contribute to an increase in the nation’s GDP.
Regarding the controversies surrounding the bills, Muruako commended President Bola Tinubu for his democratic approach in allowing further discussions on the matter.