Group commend FG’s bold step towards economic transformation, urges swift passage of tax reform bill

December 04, 2024

By Samuel Ogunsona

Prominent Yoruba conservative group, Think Yoruba First, TYF, has expressed its support for the 2024 Nigeria Tax Reform Bill, describing it as a pivotal step towards advancing Nigeria’s economic stability.

This was contained in a press statement made available to The Yoruba Times on Wednesday, Dec. 04, 2024.

According to the group, the initiative aims to foster business growth, and promote social equity.

The bill proposes key reforms aimed at addressing critical challenges in the tax system, laying the groundwork for a more inclusive and sustainable economic future.

According to the press release, the bill proposes to “introduce relief for small businesses and low-income earners, fostering a stronger foundation for equitable economic growth.”

It also seeks to “reduce corporate tax rate, encouraging investments and further job creation” and “adjust VAT, in form of VAT increment on non-essential items but exemption of essential items like food, pharmaceuticals, and electricity.”

The bill also aims to provide funding for development levies for education and infrastructure and incorporate taxation of digital and cryptocurrency transactions, adapting to evolving economic realities.

Think Yoruba First acknowledges concerns raised by stakeholders, including Northern State Governors and medium-sized businesses, emphasizing that these perspectives must be considered to ensure the reforms are implemented fairly and equitably across all regions and sectors.

The organization urges the government to prioritize transparency in the utilization of tax revenues, ensuring that the public sees tangible benefits in security, education, healthcare, and infrastructure development. “Public trust is essential for the successful adoption of these changes,” the statement reads.

“The 2024 Nigeria Tax Reform Bill has the potential to transform the nation’s fiscal landscape, providing a strong foundation for economic growth and shared prosperity.” the group said.

Think Yoruba First encourages those who stand against the bill to learn more about it from reliable sources or read the bill themselves.