The Nigeria Governors’ Forum, NGF, Has backed President Bola Tinubu’s controversial Tax Reform Bills, rejecting moves by the Federal Government to increase Value Added Tax, VAT.
While making their position known after a meeting in Abuja on Thursday, the governors said the move is untimely.
This was contained in a communique issued after the meeting, stating that the governors have resolved to back President Bola Tinubu’s controversial Tax Reform Bills.
The Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability while advocating for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity.
The meeting however recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.
The Forum also reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws acknowledging the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.
