• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

  • National
    • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Tinubu conference centre generates N700m in 3 weeks – Wike

      Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim

      Multichoice logo

      NDPC Fines MultiChoice ₦766m for Data Protection Breach in Nigeria

      Abdullahi Aliyu Maiwada

      Customs Debunks Fake CBT Recruitment Shortlist Circulating Online

    • Government
      • Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

        MUSWEN Muslim Ummah of South West

        MUSWEN Renews Call for Shariah Courts to Regulate Affairs of Muslims

        Corporate Affairs Commission

        CAC Unveils AI-Powered Registration Portal to Revolutionize Business Registration in Nigeria

        Employment: ICPC Secures Conviction of FAAN Staff

  • Security
    • Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      Police Officer

      Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover…

  • Features
    • From SDP to ADA to ADC: Can the New Opposition Coalition…

      Bashir Adewale Adeniyi MFR

      Adeniyi: Lifting Nigeria to the Pinnacle of Global Customs Authority

      Nigeria’s Growth Numbers Tell Only Half the Story By Umar Farouk…

      NYSC Corps Members in Camp

      The Burden Too Many Nigerian Youths Bear Alone

      Combating Deepfake Videos: A Fight for Nigeria’s Soul By Mukhtar Ya’u…

  • State
    • Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      NDLEA Logo

      NDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests…

  • Event
    • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

      NELFUND

      NELFUND Warns Students Against Fake Loan Application Portal

    • PR Nigeria Award
  • E-Paper
Home Economy Tax Reforms: Presidency Reacts to Alleged Plan to Scrap TETFUND, NASENI, NITDA
  • Economy

Tax Reforms: Presidency Reacts to Alleged Plan to Scrap TETFUND, NASENI, NITDA

By
Prnigeria
-
December 2, 2024
President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Tax Reforms: Presidency Reacts to Alleged Plan to Scrap TETFUND, NASENI, NITDA

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.

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.

Read Also:

  • Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu
  • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State Government
  • Tinubu conference centre generates N700m in 3 weeks – Wike

The proposal, as contained in section 59(3) of the Nigeria Tax Bill, only seeks to consolidate some of the earmarked taxes imposed on companies and replace them with a single tax to be shared with the key agencies as beneficiaries in a phased manner until 2030.

The time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations in line with the constitution and international best practices.

It is a misrepresentation of facts to conclude that changing an agency’s funding source amounts to scrapping it. None of the countries leading globally in education, science, engineering, or information technology have similar earmarked taxes.

The government imposes major taxes, be it income tax, consumption tax, or other taxes, to channel resources to its areas of priority at the time. Imposing a separate tax to fund an agency is an aberration that has yet to yield results despite the huge burden on businesses. The tax bill seeks to address this problem.

Relevant stakeholders and public analysts owe it a duty to properly educate themselves about the bills’ contents and avoid misleading the public for any reason. We may be entitled to our opinions, but such views must be informed and based on facts, not emotions targeted at inflaming passions.

In a period like this, when our people across the country look up to leaders for guidance and direction on matters of public importance, such as the Tax Reform Bills, leaders should be more measured in their public utterances to avoid heating the polity and polarising the country unduly.

President Tinubu welcomes the public interest these bills have generated. He encourages leaders across the country, including Governors, Traditional rulers, Civil Society Activists, Students, trade associations, professional associations, and the general public, to take advantage of the Public Hearings that the National Assembly will organise to present their views on how best to reform our taxes and fiscal regime.

What is never in doubt is the imperative of changing the existing tax laws and administration that have become obsolete and unhelpful in achieving the growth and development we desire for our country.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

December 2, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • National Assembly
  • Presidency
  • TAX REFORMS
Previous articleCCC Appoints Mukhtar Madobi as Research Fellow to Strengthen Crisis Communication Efforts
Next articleRivers police bust human trafficking syndicate, rescue 4 children
Prnigeria
Prnigeria

RELATED ARTICLESMORE FROM AUTHOR

NIPSS Directing Staff behind the Queries Barrister Nima Salman Mann and Rear Admiral A.A. Mustapha

Cybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials

‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?

FACT-CHECK: Did a Man Catch His Wife and Driver “Knacking” in a Hotel Room?

‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?

How a Single Electricity Market Will Empower Africa’s People and Economies

World’s Largest Electricity Market Kicks Off as AU Launches Steering Committee to Drive Continental Integration

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs, ICPC and the Audit of Conscience

General Christopher Gwabin Musa, Chief of Defence Staff, CDS

DHQ, NIS Team Up to Revive Nigerian Sports

Nigerian Military Troops

Nigerian Troops Eliminate Scores of Terrorists in Fierce Battle in Borno and Cameroon Border

FACT-CHECK: Did Borno Governor Zulum’s Wife Lift Primary School Mate Out of Poverty in Viral Video?

Fact-Check: Did Saudi ‘Sleeping Prince’ Wake Up After 20 Years in a Coma?

Fact Check: Does Rat Faeces Cure Appendicitis as Claimed in Viral Video?

Recent Posts

  • Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu
  • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State Government
  • Tinubu conference centre generates N700m in 3 weeks – Wike
  • Police rescue 19 Ghanaians from human traffickers in Oyo
  • Soldiers, forest guards to tackle insecurity in Kwara State
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State GovernmentTinubu conference centre generates N700m in 3 weeks – WikePolice rescue 19 Ghanaians from human traffickers in OyoSoldiers, forest guards to tackle insecurity in Kwara StateAnambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5mPolice Arrest 43 Illegal Immigrants, Human Traffickers, Rescue VictimNDPC Fines MultiChoice ₦766m for Data Protection Breach in NigeriaCustoms Debunks Fake CBT Recruitment Shortlist Circulating OnlineNDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests Other SuspectsFrom SDP to ADA to ADC: Can the New Opposition Coalition Unseat Tinubu in 2027?IGP Egbetokun Mourns Retired AIG Liman ShettimaNAF Hosts Nationwide Parley to Honour Veterans’ Courage, SacrificeCybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?
X whatsapp