BREAKING: Fresh Twist as NEC Asks Tinubu to Withdraw Tax Reform Bills, Gives Reason

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  • Vice President Kashim Shettima's National Economic Council (NEC) has demanded the withdrawal of the Tax Reform Bill proposed by President Bola Tinubu's tax committee
  • Tinubu's tax committee, headed by Taiwo Oyedele, proposed a new sharing formula but 19 northern governors said the bills would make the region poorer
  • Seyi Makinde, the governor of Oyo state, who spoke after the meeting, said the NEC agreed on the withdrawal of the bills to provide more consultations

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The National Economic Council (NEC) has decided to withdraw the Tax Reform Bill from the National Assembly due to its controversies. This decision was made to ensure that all stakeholders were involved in the process.

The NEC, headed by Vice-President Kashim Shettima and comprising governors, made this recommendation after considering the concerns raised by various groups. The bills were proposed by President Bola Tinubu's tax reform committee, headed by Taiwo Oyedele.

NEC asks Tinubu to withdraw Tax Reform Bills Photo Credit: @officialABAT, @KashimSMSource: Twitter

According to Daily Trust, Governor Seyi Makinde of Oyo State announced this decision while speaking to state House Correspondents after the NEC meeting. The withdrawal of the bill is seen as a move to address the concerns and ensure broader consultation with stakeholders.

Why NEC demands reversal of Tax Reform Bill

According to Makinde, the NEC's decision to withdraw the bill highlights the importance of stakeholder engagement in policy-making. By doing so, the council aims to create a more inclusive and effective tax reform process.

The 19 governors and other stakeholders, including the traditional rulers in northern Nigeria, have kicked against the bill, stating that the bill would make the region poor if the proposed sharing formula is passed into law.

According to the governors, the bills suggested that the bill recommended that states that generate more value-added tax would get higher allocation than those getting little, and most companies have their headquarters in the south while their customers are spread across the country.