• Latest
  • Trending
  • All
Nigerian Governors reject VAT Increase in Tax Reform Bills, Make new proposal

Nigerian Governors reject VAT Increase in Tax Reform Bills, Make new proposal

Ondo Deputy Speaker and Majority Leader resign

Ondo Deputy Speaker and Majority Leader resign

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

Nigerian Government Announces Public Holidays for Sallah Celebrations

Nigerian Government Announces Public Holidays for Sallah Celebrations

The progress of Kano state is non – negotiable – Engr. Yusuf

Kano Declares 12-day Sallah Holiday for Schools

Kwara mobile court convicts 135 sanitation violators |

Kwara Law Students Appeal for Immediate Release of Law School Scholarship Funds

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

JUST IN: Wike seals PDP National Secretariat in Abuja

JUST IN: Wike seals PDP National Secretariat in Abuja

JAMB Announces Date to release UTME Result for resit Candidates

99% Scores Below 200 in Resit UTME – JAMB

  • About Us
  • Advertise with Us
  • Editorial Policy
Friday, June 6, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Featured

Nigerian Governors reject VAT Increase in Tax Reform Bills, Make new proposal

by iDeemlawful
January 16, 2025
A A
Nigerian Governors reject VAT Increase in Tax Reform Bills, Make new proposal
FacebookTwitterWhatsapp

The Nigeria Governors’ Forum has voiced its opposition to any impending increase in the Value Added Tax (VAT).

Their decision stems from concerns over the possible adverse economic impact on businesses and households, which are already grappling with rising inflation rates.

The decision was made during a meeting with the Presidential Tax Reform Committee in Abuja on Thursday.

RelatedPosts

Nigerian Government Announces Public Holidays for Sallah Celebrations

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Nigerian Government Announces Public Holidays For Easter

Nigerian Government Declares Public Holidays For Eid-ul-fitr Celebration

In a communique issued after the meeting, the governors expressed support for the ongoing legislative process to modernise Nigeria’s tax laws but opposed a hike in VAT from the current 7.5%.

They endorsed a revised VAT sharing formula that allocates 50% of revenue based on equality, 30% on derivation, and 20% on population.

“We recognise the importance of fiscal reforms, but raising VAT at this time would place undue pressure on businesses and citizens,” NGF Chairperson and Kwara State Governor, AbdulRahman AbdulRazaq, said.

The governors also advocated for the continued exemption of essential goods and agricultural produce from VAT to protect citizens and promote food security.

In the Tax Reform Bills, they opposed including terminal clauses for development levies.

They highlighted the importance of continuous funding for agencies such as TETFUND, NASENI, and NITDA to ensure ongoing support for national development.

The tax reform bill was proposed to the National Assembly by President Bola Tinubu on October 3, 2024, they included the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

These bills aim to overhaul tax administration and revenue generation in the country.

The bills are products of a year-long effort by the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms, inaugurated by President Tinubu in August 2023.

Meanwhile, before the agreement of the NGF, the Senate’s Ad-hoc Committee on tax reform, led by Senator Abba Moro on Monday, announced progress in deliberations on the bills.

“We have reached some agreements after thorough discussions with government officials. Our goal is to deliver a law that meets the needs of all Nigerians,” Moro said

Tags: Nigeria GovernmentTax reform bill
Previous Post

Police Seal Off Rivers PDP Secretariat Over Leadership Dispute

Next Post

Asisat Oshoala’s Sis Sherifat Dribbles Her Way to a Master’s Degree at UNILAG’s 55th Convocation!

iDeemlawful

iDeemlawful

Related Posts

Ondo Deputy Speaker and Majority Leader resign
Featured

Ondo Deputy Speaker and Majority Leader resign

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks
Breaking News

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria
Featured

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

Court stops Senate disciplinary action against Natasha Akpoti
Featured

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report
Featured

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report

Nigerian Senate denies viral kiss video says not one of Them
Featured

How National Assembly Illegally inserts projects worth N6.93trn into 2025 budget – Report

JUST-IN: Social Activist VeryDarkMan Arrested by EFCC
Breaking News

EFCC releases VeryDarkMan on Bail

Catholic Bishops Reply Trump Over AI-Generated Pope Image
Featured

Catholic Bishops Reply Trump Over AI-Generated Pope Image

Nigerian Government Announces Public Holidays For Easter
Breaking News

Nigerian Government Announces Public Holidays For Easter

Biafra War: Ndigbo demands ₦10,000,000,000,000 in Damages from Tinubu after IBB’s Revelations
Breaking News

Presidency Reacts to US Court order on Release of Tinubu’s Past Records

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In