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NEWS

Tax Reform: ‘Let’s Give the Bills a Chance’ – Akume urges Nigerians as senate meets AGF

December 9, 2024 • 2 min read

December 09, 2024

By Samuel Ogunsona

The Secretary to the Government of the Federation, Senator George Akume, has dismissed claims that northerners are opposed to the proposed Tax Reform Bills.

Akume, who hails from the north, expressed his full support for the bills, stating that he has consulted with senior citizens, leaders, and religious leaders from the region who also back the bills.

The Tax Reform Bills, which include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024, the Nigeria Revenue Service (Establishment) Bill, 2024, and the Nigeria Tax Bill, 2024, have sparked widespread debate since their introduction to the National Assembly.

Akume emphasized that the bills are not targeted at any particular section of the country, but rather are designed to benefit the poor citizens of Nigeria.

He noted that individuals earning less than N800,000 per annum are exempt from paying personal income tax, and small businesses with revenues below N550 million are also exempt from company tax.

The Federal Government has restructured VAT revenue distribution, increasing the share for states and local governments to 55% and 35%, respectively. Akume encouraged lawmakers to give the bills a chance, stating that they have nothing to do with any one section of the country.

Meanwhile, the Northern Caucus senators are withholding their position on the bills until the Senate Special Committee concludes its meeting with the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi. The committee is working to fine-tune the grey areas in the bills.

Senator Ali Ndume, representing Borno South, has advocated for the withdrawal of the bill, citing the need for wider consultation. He expressed concerns about the timing of the bill’s introduction, stating that it is an unnecessary distraction to the country.