The National Economic Council (NEC) has advised that the Tax Reform Bill, currently in the National Assembly, be withdrawn.
The NEC is led by Vice-President Kashim Shettima and includes state governors as members.
After their meeting on Thursday, Oyo State Governor Seyi Makinde disclosed that the NEC decided to withdraw the bill due to disagreements and concerns raised by various groups.
“NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bills,” he stated.
“We saw the gap and decided that there is a need for a wider consultation,” he added.
It should be recalled that President Bola Tinubu and the Federal Executive Council recently approved new policy measures to improve Nigeria’s tax administration.
The Federal Government said these new laws aim to increase efficiency and reduce duplication within the nation’s tax system.
These reforms follow a review of existing tax laws that began in August 2023, with four executive bills containing the proposed changes now under consideration in the National Assembly.
The National Economic Council’s decision came after an earlier opposition from Northern Governors.
News reports stated that at a meeting on October 28, 2024, the 19 Northern State Governors under the Northern Governors’ Forum voiced opposition to the tax reform bills, which are now before the National Assembly for approval.