October 29, 2024
By Samuel Ogunsona
The Think Yoruba First (TYF), has thrown its weight behind the federal government’s Tax Reform Bill, describing it as a “game-changer” that will unlock Nigeria’s massive potential.
In a press release signed by its President, Oladimeji Bolarinwa, and Secretary General, Dr. Bukola Adeniji, made available to The Yoruba Times on Tuesday, the organization appealed to Northern Governors, Lawmakers and every Stakeholders to reconsider their reservations about the Value Added Tax (VAT) sharing formula.
Part of the statement reads, “We understand the fears of our Arewa counterparts, but as a country, we must come to the realization that for Nigeria to unlock its massive potentials, it must practice true federalism,”
TYF also argued that the Tax Reform Bill will spur healthy competition among sub-national states, ultimately benefiting Nigeria.
However, Northern Governors has expressed concerns about the VAT sharing formula, which proposes reducing the federal government’s share from 15% to 10%, with 90% going to states and local governments.
The Presidential Committee on Fiscal Policy and Tax Reforms has proposed adjustments to the VAT sharing formula to promote fiscal federalism. The Revenue Mobilisation and Fiscal Commission plans to implement a new revenue-sharing formula in the first quarter of 2025, subject to National Assembly approval.
TYF endorsement of the Tax Reform Bill highlights the need for collective support to drive Nigeria’s economic growth and development.
FG is it capacity has assured that the Tax Reform Bill will be implemented in phases, with extensive stakeholder engagement.
As Nigeria navigates its fiscal reform journey, the Think Yoruba First Organization’s call for unity and cooperation resonates across the country.
