President Bola Tinubu on Friday thanked the 36 state governors following their endorsement of the tax reform bills under consideration in the National Assembly.
The governors had during a meeting with the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on Thursday in Abuja acknowledged the importance of improving the tax system to enhance fiscal stability and align with global best practices.
They, however, demanded an equitable sharing of the Value-Added Tax (VAT).
Governors of the 19 states in the North in October last year rejected the tax reform bills over fears that they would disadvantage the regions and other less industrialised zones.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the president lauded the governors for their commitment to fostering unity among leaders nationwide and advancing Nigeria’s development.
He said: “Thursday’s productive consultation between the NGF and the Presidential Committee on Tax and Fiscal Policy is a commendable example of cooperation between the federal and state governments.”
Tinubu commended the Chairman of the Nigeria Governors’ Forum (NGF), Abdulrahman AbdulRazaq, for successfully galvanising support among his colleagues for the tax bills to rejuvenate the national economy and enhance Nigeria’s investment climate.
He also praised the Progressive Governors’ Forum, the Northern Governors’ Forum, and all other groups that made the bipartisan resolution of the controversy stirred by the tax bills possible.
According to the president, the aim of the tax reform bills, which is pro-poor, is to promote national interests, improve the competitiveness of Nigeria’s economy, and attract both local and foreign investments.
He noted that the dialogue between the NGF and the Presidential Committee on Tax and Fiscal Policy Reform highlighted the power of constructive conversation in resolving differences.
He also encouraged other stakeholders with ideas and suggestions for refining the tax bills to engage with the ongoing legislative process at the National Assembly.
Tinubu urged the National Assembly to expedite the legislative process for these crucial bills so that the country can swiftly reap the benefits of the reforms.