The Coalition of Arewa Groups comprising 300 organisations across 19 northern states, has thrown its weight behind President Bola Tinubu’s tax bills.
The group said the endorsement comes after a thorough examination and exhaustive consideration of the proposed legislation during a meeting in Kaduna on Friday.
In a statement co-signed by Alhaji Usman Abubakar and Obadiah Amos, the group commended President Tinubu’s vision to reshape Nigeria’s fiscal framework, promoting economic growth and sustainability.
The Coalition also applauded the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, for clarifying the bill’s details through media engagements.
The group urged the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring timely implementation.
“We, the Coalition of Arewa Groups, comprising 300 organizations across the 19 northern states, gathered in Kaduna on Friday to deliberate on President Bola Ahmed Tinubu’s tax bill,” the statement said.
“After thorough examination and exhaustive consideration, we unequivocally endorse the proposed legislation.
“Our endorsement is premised on the understanding that the tax bills are designed to consolidate taxation frameworks, promote economic growth, and ensure sustainability.
“The Presidential Committee on Fiscal and Tax Reforms, headed by Taiwo Oyedele, has presented a comprehensive bill to the Federal Executive Council.
“This bill aims to harmonize multiple taxes and levies, unify revenue collection functions, and modernize the tax system. We commend President Tinubu’s vision to reshape Nigeria’s fiscal framework.
“Key provisions of the bill include a gradual increase in Value Added Tax (VAT) from 7.5% to 15% by 2030. Company Income Tax will be set at 27.5% for large companies, reducing to 25% from 2026.
“A 4% development levy will be imposed on companies to fund the Student Education Loan Fund. Additionally, a 5% excise duty will be applied to lottery, gaming, and telecommunications services.
“We applaud the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, for clarifying the bill’s details through media engagements. His efforts have significantly contributed to public understanding. We pass a vote of confidence in the FIRS Chairman and express our full support for President Tinubu’s tax bills.
“The Nigeria Tax Bill 2024 demonstrates President Tinubu’s commitment to the nation’s prosperity. We believe these measures will foster economic development, enhance revenue generation, and promote Nigeria’s growth.
“Our support for the tax bills is grounded in our conviction that they will ultimately benefit the Nigerian people.
“Furthermore, we acknowledge the importance of transparency in the tax system. The bill’s provisions for price transparency and monitoring of publication costs and fees are particularly noteworthy. This level of transparency will contribute to establishing fair and reasonable prices for publishing services.
“In conclusion, we reaffirm our endorsement of President Tinubu’s tax bills. We urge the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring its timely implementation.“
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