The Manufacturers Association of Nigeria (MAN) joined forces yesterday with advocates of tax reforms on the passage of the Tax Reforms Bills before the National Assembly.
Director-General of the MAN, Segun Ajayi-Kadir, said in the association’s Third Quater 2024 Economic Report that the bills are meant to restructure and streamline tax processes, establish a unified revenue service and simplify financial obligations for businesses and citizens.
MAN called for speedy passage of the bills and implementation of the reforms. It urged the Central Bank of Nigeria (CBN) to also pause interest rate hikes to allow for an impact assessment.
Also, Catholic Bishop, Hassan Matthew Kukah, supported the bills, thereby swelling the ranks of those backing the Bola Tinubu administration’s bold move for fiscal transformation.
He said: “Nigeria is a very energetic country with people that are so eminently gifted and are roaring to soar at any time.
“However, our problem is the inability of states to create enough gatherings to contain the energy, vision, and competing narratives of their citizens. This lack of competitive gatherings often spills over into violence.
“I am excited about the issue of Tax Reform Bills because, first, I know nothing about it. But I have started educating myself. Any form of reform at all must get this thoroughly dysfunctional country working again.”
The Senate, where the bills are in committee stage, said yesterday that consultations would be widened before the public hearing.
The Senate Committee on Finance was last week given six weeks to work on the bills and conduct the public hearing.
Yesterday, it was a stormy session in the House of Representatives over the bills.
President Tinubu has directed the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), to work with the National Assembly to clarify the grey areas, according to Minister of Information and National Orientation, Mohammed Idris.
Idris said the President’s directive was to ensure “that all genuine concerns have been addressed before the bills are passed.”
