• News - North Central - FCT
  • Updated: May 11, 2024

FG clarifies intent behind tax reforms

FG clarifies intent behind tax reforms

Vice President Kashim Shettima stated on Saturday that the tax reforms implemented by the Bola Tinubu administration are designed to maintain the country's investment-friendly environment, not to frustrate Nigerians.

This is contained in a statement titled ‘Our tax reforms initiated for overall benefits of Nigerians – VP Shettima.’ and signed by Shettima’s spokesperson, Stanley Nkwocha.

According to the statement, the vice president who was represented by his Special Adviser on General Duties, Aliyu Umar spoke at the close-out retreat of the Presidential Fiscal Policy and Tax Reforms Committee held at the Transcorp Hilton, Abuja.

"We are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens,” Shettima said.

Addressing concerns over the cybersecurity levy introduced in Nigeria, which imposes a 0.5% charge on electronic transactions, Shettima reiterated the administration's commitment to overall benefits for Nigerians. 

He highlighted ongoing reforms led by the Taiwo Oyedele-led Presidential Fiscal Policy and Tax Reforms Committee, initiated in August last year.

Referring to Oyedele's report recommending the consolidation of over 200 taxes into 10, Shettima emphasized the need to revitalize revenue generation while maintaining an investor-friendly business environment. 

He stated, "Our aim remains the revitalization of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment.”

“We are gathered today because we are transitioning from the phase of the proposal in the operations of this committee’s work to the phase of implementation.

“I am confident that both the federal and state governments stand ready to ensure the effective implementation of your reform proposals, and we shall provide the institutional framework to guarantee the adoption of the consensuses of this committee, aligning them with our economic agenda,” he added.

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