As the arguments over the tax reform bill before the National Assembly intensified, President Bola Tinubu has disclosed that the financial policy, when passed into law, was introduced to attract foreign investors into the country, a measure to boost the economy towards reducing Nigeria’s dependency on oil.
Tinubu, who described the bill before the lawmakers as a pro-poor ideology, stated that the policy would promote national interests, and improve healthy competition among states, saying each state would like to outshine the other and the people will benefit from this.
According to him, updating the country’s aged long and outdated tax laws is essential to achieve this aim that we all are yearning for.
Tinubu stated this while commending the Nigeria Governors’ Forum following their unanimous endorsement of the four Tax Reform Bills currently under consideration by the National Assembly.
The President noted that the dialogue between the NGF and the Presidential Committee on Tax and Fiscal Policy Reform highlighted the power of constructive conversation in resolving differences.
While describing the governors as vital contributors to nation-building, he affirmed his commitment to partnering with them to promote economic growth, national harmony, peace, and stability.
He said: “I salute your bold leadership and commitment to fostering unity among leaders nationwide, transcending regional, ethnic, and political barriers to advance Nigeria’s development.
“Thursday’s productive consultation between the Nigeria Governors’ Forum and the Presidential Committee on Tax and Fiscal Policy is a commendable example of cooperation between the Federal and State governments”.
After commending the governors, the president encouraged other stakeholders with ideas and suggestions for refining the Tax Bills to engage with the ongoing legislative process at the National Assembly.
Meanwhile, he urged the National Assembly to expedite the legislative process for these crucial bills so that the country can swiftly reap the benefits of the reforms.
