Dapo Abiodun, the governor of Ogun State, praised President Bola Tinubu for passing the tax reform legislation, claiming that it would benefit Nigerians and promote economic growth.
Abiodun cited President Tinubu’s tax reform’s anticipated benefits, including tax relief for those who earn less than $50,000, support for small businesses, increased revenue generation, and simplified tax laws.
He praised the President’s willingness to support broad-based consensus, accepting input and criticism from a range of backgrounds, and taking into account people’s concerns.
Read more about Tinubu’s signing of four tax bills into law and the establishment of a new tax regime in 2026.
He added that the bill’s emphasis on a fair and equitable distribution of value-added tax (VAT) revenue, which would allow states to fund more projects independently, was of particular significance.
The signing of four new tax reform bills that the National Assembly passed represents a significant milestone, in all intents and purposes, says President Bola Tinubu. They are essential to Nigeria’s prosperity, according to the President.
The bills have been well thought out, grounded in economic research, and have, among other things, been based on the inputs of various stakeholders, including the business community, regional organizations, and the Nigerian Governors’ Forum, he said.
Abiodun continued, “The bills represent a crystallization of advocacy for tax transparency and efficiency, thereby establishing a link between tax transparency and the use of public funds.” Nigerians should be proud of this achievement in all respects.
The bills address a pressing need for economic growth by streamlining taxation and removing the poor from excessive tax burdens. They will facilitate business growth, increase customer satisfaction, and encourage job creation. Really, the message is that all Nigerians will experience positive things in the future.
The four tax reform bills that the National Assembly recently passed had opposition on Thursday, according to President Bola Tinubu.
After extensive discussions with various stakeholders and interested parties, the National Assembly passed the four bills, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The new tax laws, in the opinion of the president, will significantly alter how tax administration operates in the nation, leading to more revenue generation, a better business environment, and a rise in domestic and foreign investments.
Source: Channels TV
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