The Nigerian presidency has recently addressed concerns regarding the introduction of tax reform bills, which aim to alleviate the burden of multiple levies on investors. These reforms have sparked debate and misinformation, particularly around their impact on different regions and government agencies.
The presidency, through Special Adviser Bayo Onanuga, has clarified that the tax reform bills are not designed to disproportionately benefit Lagos and Rivers states.
Onanuga emphasized that these reforms are intended to streamline tax administration across Nigeria, creating a more favorable business environment. He stated, "Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills."
For decades, businesses in Nigeria have faced challenges due to a complex tax system with numerous levies, which has made the country less competitive for investment. The proposed reforms seek to address these issues by simplifying the tax structure, thereby encouraging business growth and investment.
Onanuga noted, "One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses."
The overarching goal of these reforms is to enhance the quality of life for Nigerians, particularly those who are disadvantaged. By reducing the tax burden, the government aims to foster economic development and ensure equitable opportunities across all regions. This initiative is part of a broader strategy to stimulate economic growth and improve the business climate nationwide.
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