Governors and Former Speaker Supports President Tinubu's Tax Reform Bills

Nigerian leaders, including the 36 State Governors and former Speaker of the House of Representatives Yakubu Dogara, have expressed strong support for President Bola Tinubu's proposed Tax Reform Bills.

These bills, currently under discussion in the National Assembly, aim to address longstanding fiscal challenges and promote equitable growth across the nation.

During a televised Town Hall meeting, Governor Abdullahi Sule, speaking on behalf of the governors, underscored the importance of the reforms.

He noted that initial reservations about the bills stemmed from misunderstandings, which were clarified during the discussion.

"If the Town Hall had taken place earlier, the Governors wouldn’t have taken the position they took for withdrawal of the bills," he stated, highlighting the newfound consensus among state leaders.

The proposed reforms include exempting vulnerable populations from personal income tax while shifting the tax burden to those earning up to N1.5 million annually. A key feature is the revision of the Value Added Tax (VAT) distribution formula, which aims to ensure fairer allocation based on where goods are consumed rather than where companies are headquartered.

This change is expected to foster shared prosperity and discourage states from imposing additional taxes on businesses.

Former Speaker Yakubu Dogara emphasized the potential benefits for Northern Nigeria, predicting that the region could earn $250 billion over time through enhanced livestock and mineral resource development.

"Time is always rife to do right. The time to carry out the proposed tax reform based on the four bills I’ve personally read is now and not tomorrow," Dogara urged, calling for leadership beyond regional or religious lines.

Mallam Buba Yusuf, CEO of Global Investment and Trade Company, also praised the bills as visionary, urging Nigerians to understand the reforms' true intent. "Nigerians particularly those of us from the North, should read the bills and not just listen to those misinforming them on what the planned reform is all about," he advised.