President Bola Ahmed Tinubu has called on the Nigerian Senate to draft a realistic and effective tax reform law that will improve revenue generation while ensuring fairness for businesses and individuals. This directive comes as part of his administration’s ongoing efforts to revamp Nigeria’s tax system, boost the economy, and reduce dependence on oil revenue.
The Need for a Workable Tax Reform
Nigeria’s tax system has long been criticized for inefficiencies, multiple taxation, and low compliance rates. Businesses and individuals often complain about high tax burdens, while the government struggles with revenue leakages and tax evasion. Tinubu believes that a well-structured and enforceable tax law is necessary to:
Expand the tax base without overburdening citizens.
Eliminate multiple taxation that discourages businesses.
Increase government revenue to fund critical infrastructure and social programs.
Ensure fair taxation that promotes economic growth.
Tinubu’s Call to Action for the Senate
In his directive, Tinubu emphasized the importance of creating a tax law that is both practical and enforceable. He urged lawmakers to:
Engage key stakeholders including businesses, tax experts, and economists.
Ensure transparency in the tax collection process.
Simplify the tax system to encourage compliance.
Introduce incentives for businesses and investors.
He also warned against policies that may stifle economic growth, urging the Senate to strike a balance between revenue generation and business sustainability.
Ongoing Tax Reforms and Economic Policies
Since taking office, Tinubu has prioritized tax reforms as part of his economic agenda. Some key steps taken so far include:
Establishment of the Presidential Committee on Fiscal Policy and Tax Reforms to address loopholes in the current system.
Efforts to harmonize taxes and reduce burdens on businesses.
Implementation of digital tax collection systems to improve efficiency.
Reactions and Expectations
Tinubu’s call for a workable tax law has sparked discussions among economists, business leaders, and lawmakers. While some commend the president’s commitment to tax reform, others emphasize the need for clear policies that do not stifle economic growth.
Experts suggest that for tax reforms to succeed, the government must:
Crack down on tax evasion and corruption in revenue collection agencies.
Provide tax relief for small businesses to encourage entrepreneurship.
Improve infrastructure and services to justify tax payments.
What’s Next?
With Tinubu pushing for urgent tax reforms, the Nigerian Senate is expected to draft and debate new tax laws in the coming months. Nigerians will be watching closely to see if the government can create a tax system that is fair, efficient, and beneficial to the economy.
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Written By Fortune Davidson