The National Economic Council (NEC) has recommended the withdrawal of the Tax Reform Bill opposed by the northern states.
Following a meeting of the council presided over by its chairman, Vice President Kashim Shettima, at the Presidential Villa, Abuja on Thursday, Governor Seyi Makinde of Oyo State told correspondents that it decided to request for the withdrawal as a result of the controversy the bill has engendered.
He said the withdrawal will enable all stakeholders to be carried along.
The decision followed a presentation by the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighting the need for a fair taxation system, responsible borrowing, and sustainable government spending.
Makinde stated: “NEC today took a presentation from the Chairman of the Presidential Committee on fiscal policy and tax reforms. Their main focus is fair taxation, responsible borrowing and sustainable spending.
“The council acknowledged that the country is underperforming on all indices as regards huge from major revenue sources, also tax to GDP ratio and so on.
“So, after extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.
“So, council therefore recommend the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country, and also to give people, for them to know the vision and where we are moving the country in terms of a tax reform, because there’s really a lot of miscommunication, misinformation.
“So, the bill will be withdrawn from the National Assembly. And then there will be consultations afterwards.”
The council called on the National Assembly to sustain the existence of the National Agency for Engineering Infrastructure (NASENI) and the Tertiary Education Fund (TetFund) because of their importance to the educational growth and development.
Governor Babagana Zulum of Borno State who spoke on the council’s sentiment, stated: “Council earlier today has deliberated on many issues that are affecting the social, economic, being of Nigerians and commended the efforts of the students loan board in supporting the less privileged students.
“Observations were also made on the positive contributions of TETFUND to the growth and development of education.
“Furthermore, observations were also made on the rationale behind the establishment of NASENI. That is, the mandate of NASENI, which is to encourage production of local goods and services, thereby reducing dependency on hydrocarbons in Nigeria.
“The federal government of Nigeria and indeed the National Assembly are encouraged and advise to sustain these two agencies for the betterment of Nigerians.”
The council addressed Nigeria’s flood crisis affecting 34 states, 217 local government areas, and over 1.3 million people.
The Minister of Water Resources and Sanitation, Prof. Joseph Utsev reported 740,743 displaced individuals, 321 fatalities, and extensive property and farmland losses.
Council resolved that the Ministry of Water Resources conduct an integrity review of all waterways and dams across the country, urged state governments that have not done so to immediately submit their flood reports, that the Green Climate Fund should have an infrastructure resilience fund component, and that all MDAs should immediately implement flood resilience and adaptation mechanisms.
Council also reviewed the World Bank-supported SOLID project, presented by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu.
The project aims to bolster services and economic opportunities for IDPs and host communities in northern Nigeria, including initiatives for sustainable livelihoods and resilient infrastructure.
NEC urged cooperation among states and the World Bank to ensure funds meet designated project goals.
The Minister of Finance, Wale Edun reported to NEC that the Excess Crude Account stands at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.
ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE
and then