Ex-Reps Speaker Dogara backs Tax Reform Bills

Former Speaker of the House of Representatives, Yakubu Dogara, has urged Nigerian governors to contribute constructively to the controversial Tax Reform Bills rather than attempting to block them. Dogara made this appeal during a town hall meeting on the bills, broadcast by Channels Television.

He dismissed claims that the timing of the bills and the alleged lack of consultation with governors were sufficient reasons to halt the reforms.

Dogara prioritised national interest over regional or sectional biases in addressing the country’s challenges.

“When I decided to join this discussion, I received numerous calls pleading with me not to show up,” Dogara revealed. “But I believe leadership demands engagement, even when there are disagreements. We must rise above sectionalism and approach this with a national leadership mindset to solve our problems.”

The former Speaker also criticized governors, particularly from the North, for raising concerns about consultation. He argued that many governors fail to engage stakeholders when enacting laws in their states.

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“At the state level, how many people do governors consult when making laws? In some cases, these laws are written from their living rooms,” Dogara said. “Should the process stop because governors were not fully engaged? To me, the answer is no.”

Baba Yusuf, Group CEO of Global Investment and Trade Company, emphasized that the proposed tax reforms would benefit the North significantly.

He highlighted that the legal frameworks could address about 70% of the region’s multidimensional poverty. Yusuf also encouraged citizens to review the bills independently rather than relying solely on political leaders.

Taiwo Oyedele, Chairman of the Presidential Committee on Tax Reform, stated that extensive consultations were conducted with major stakeholders, including governors. He noted that most stakeholders overwhelmingly supported the bills.

Oyedele dismissed concerns raised by Governor Babagana Zulum of Borno State, who argued that the reforms might leave Northern states unable to pay minimum wage. “Our analysis and data do not support that fear,” Oyedele said.

The town hall discussion highlighted the need for constructive dialogue and leadership to ensure the successful implementation of the tax reforms, which are crucial for addressing Nigeria’s economic challenges.

Ex-Reps Speaker Dogara backs Tax Reform Bills

$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister

The diverse range of subscriptions from multiple investors (local and foreign) to Nigeria’s $2.2 billion Eurobonds is a testament of the confidence in President Bola Ahmed Tinubu’s economic reforms, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said yesterday.

The Eurobond had been oversubscribed by 300 per cent by investors from the United Kingdom (UK), North America, Europe, Asia and Middle East as at yesterday.

According to the minister, the peak orderbook of $9.0 billion was an expression of continued investor confidence in Nigeria’s sound macro-economic policy framework and prudent fiscal and monetary management.

The demand for the bonds came from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions.

Edun said: “The successful issuance signposts increasing confidence in ongoing efforts of President Bola Tinubu administration to stabilise the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians.

“The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”

Tax reform bills not to impoverish the north – Presidency

The presidency has said no part of the controversial tax reform bills is meant to impoverish the northern part of the country.

In a statement by Bayo Onanuga the Special Adviser to President Tinubu on Information and Strategy, the presidency denied that the bills recommend the scrapping of  the Tertiary Education Trust Fund (TETFUND), The National Agency for Science and Engineering Infrastructure (NASENI) and the National Information Technology Development Agency (NITDA) .

The statement read,  “Since the public debate around the transformative tax bills before the National Assembly began in the last few weeks, various political actors and commentators have tried to obfuscate the facts, deliberately misinforming and misleading the public.

“Unfortunately, most reactions are not grounded in facts, reality, or sufficient knowledge of the bills. While some commentators have attempted to incite the people against lawmakers, others have polarized one section of the country against another.

“The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country, as recklessly canvassed, poorer. The bills will not destroy the economy of any section of the country. Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living.
Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills.

“Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes.
One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses.
For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives.

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“The multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations. Some companies have had to make the rational decision to relocate to other countries. We can not continue on this path or wait for 20 years if this country is to deliver the prosperity we need for our people.

Tax reform bills not to impoverish the north – Presidency