Northern groups urge swift passage Nigeria Tax Bill 2024

The Coalition of Arewa Groups, representing 300 organisations from Nigeria’s 19 northern states, has expressed support for President Bola Tinubu’s Nigeria Tax Bill 2024, urging the National Assembly to expedite its passage.

The coalition, which met in Kaduna, praised the bill’s potential to reshape Nigeria’s fiscal landscape, drive economic growth, and promote sustainability. They endorsed the reforms, particularly President Tinubu’s push to modernise the nation’s tax framework by consolidating tax structures and unifying revenue collection.

The bill proposes key changes, including gradually increasing Value Added Tax (VAT) from 7.5% to 15% by 2030, adjusting Company Income Tax rates for large companies, and introducing a 4% development levy on companies to fund the Student Education Loan Fund. It also calls for a 5% excise duty on sectors like lottery, gaming, and telecommunications.

The coalition stressed the expected economic benefits of these measures and expressed support for Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji’s efforts to clarify the bill’s details to the public.

They commended his leadership and affirmed their commitment to President Tinubu’s reform agenda.

Additionally, the coalition noted the bill’s emphasis on transparency, with provisions for price transparency and monitoring of publication costs, which they believe will foster trust in the tax system.

In a statement co-signed by Alhaji Usman Abubakar and Obadiah Amos, the coalition reiterated its endorsement of the bill and urged the National Assembly to pass it promptly to allow for swift implementation of these reforms.

“The Nigeria Tax Bill 2024 demonstrates President Tinubu’s commitment to the nation’s prosperity,” the statement said. “We believe these measures will foster economic development, enhance revenue generation, and promote Nigeria’s growth.”