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[adinserter block="17"]

BREAKING: Governors forum oppose VAT hike, back tax reform bills

..propose a fair and balanced "equitable" sharing formula for value-added tax

W.N YEMI by W.N YEMI
January 16, 2025
in BREAKING, National
Reading Time: 2 mins read
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  • This decision was a direct result of a meeting between the NGF and the Presidential Tax Reform Committee, held on January 16, 2025, to discuss pressing national issues, including the overhaul of Nigeria’s fiscal policies and tax system.

The Nigeria Governors’ Forum (NGF) has finally supported the proposed tax reform bills currently under consideration at the national assembly.

The NGF also unanimously rejected an increase in the Value Added Tax (VAT) rate.

This decision was contained in a communiqué issued after a high-level meeting between the governors and the Presidential Tax Reform Committee in Abuja.

The governors stressed the importance of maintaining economic stability and safeguarding citizens’ welfare during ongoing fiscal reforms.

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To address resource allocation inequities, the forum approved a revised VAT sharing formula: 50% based on equality, 30% on derivation, and 20% on population.

This formula aims to promote fairness, balance resource distribution, and incentivise subnational revenue generation.

The NGF strongly opposed VAT rate increases, citing potential negative impacts on consumers and businesses.

The governors advocated for continued VAT exemptions on essential goods and agricultural produce to protect vulnerable citizens and promote food security.

The forum endorsed the ongoing legislative process for comprehensive Tax Reform Bills.

Governors recommended retaining development levies for key agencies like TETFund, NASENI, and NITDA without terminal clauses.

NGF Chairman AbdulRahman AbdulRazaq stated, “The Forum reiterated its strong support for comprehensive reform of Nigeria’s archaic tax laws.

“Members acknowledged the importance of modernising the tax system for fiscal stability and global best practices alignment.

“Members agreed to maintain current VAT rates and Corporate Income Tax to ensure economic stability.

“The Forum advocated for continued VAT exemptions on essential goods and agricultural produce.

“The meeting recommended removing terminal clauses for TETFUND, NASENI, and NITDA development levies.

“The meeting supports the legislative process for Tax Reform Bills,” the communiqué read.

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