JUST IN: Governors back Tinubu’s Tax Reforms, propose conditions
The Nigerian Governors Forum (NGF) has expressed support for President Bola Tinubu’s proposed tax reforms, pending approval by the National Assembly.
According to Afripost, in a meeting on Thursday with Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, the governors outlined key conditions for their endorsement. They recommended a new Value-Added Tax (VAT) sharing formula, with 50% allocated for equity, 30% based on derivation, and 20% tied to consumption.
The governors also insisted on retaining the current VAT rate and called for a reduction in Corporate Income Tax (CIT) to enhance economic stability and attract investments.
Further updates to follow as the discussion unfolds.
