Tinubu’s tax reform aims to boost revenue, jobs — APC chieftain

A chieftain of the All Progressives Congress (APC), Dr. Abayomi Mumuni, on Tuesday stated that the proposed tax reform introduced by President Bola Ahmed Tinubu is aimed at increasing revenue generation and creating more jobs in the country.

Mumuni stated this in a statement signed by his media aide, Rasheed Abubakar, and made available to journalists in Ibadan.

It would be recalled that Tinubu had transmitted four tax reform bills to the National Assembly.

Mumuni said that the tax reform bills, when passed into law, will enhance the country’s fiscal framework.

The APC chieftain said that the laws will help promote economic growth.
He said there are many benefits in the bills.

Some of the benefits of the bills, according to the APC chieftain, include increased revenue generation, economic diversification, attraction of foreign exchange investment, and improvement of public services.

He added, “Here are some potential benefits associated with the bill:
“The reform aims to broaden the tax base and improve compliance, leading to increased government revenue for public services and infrastructure. By encouraging investments and reducing reliance on oil revenues, the bill supports diversification into sectors like agriculture, technology, and manufacturing.

“A more transparent and predictable tax system can make Nigeria more attractive to foreign investors, fostering economic growth. Increased business activity and investment can lead to job creation, reducing unemployment and poverty levels.

“With higher tax revenue, the government can better fund essential services such as education, healthcare, and infrastructure development. Support for Small and Medium Enterprises (SMEs). The bill may include provisions to simplify tax processes for SMEs, encouraging entrepreneurship and innovation.

“Reforms could enhance the efficiency and effectiveness of tax collection mechanisms, reducing corruption and leakages. Strengthening tax policies can promote fiscal discipline, helping the government manage its budgets more effectively.

“A reliable tax framework can contribute to overall economic stability, making Nigeria less vulnerable to external economic shocks. Reformed tax policies can ensure that wealthier individuals and corporations contribute their fair share, promoting a more equitable society.
“Overall, these reforms aim to create a more favourable economic environment in Nigeria, benefiting both the government and its citizens.”