Abuja, Nigeria – The Federal Government has vehemently denied claims that the proposed tax reform bills will lead to the scrapping of crucial agencies like TETFUND, NASENI, and NITDA.
In a statement released by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the government clarified that the bills aim to streamline the tax system and create a more conducive business environment.
The statement emphasized that the proposed changes will not impoverish any region of the country, as some have alleged. Instead, the reforms are designed to improve the overall quality of life for Nigerians, particularly the disadvantaged.
The government explained that the targeted agencies, while currently funded through earmarked taxes, will continue to receive budgetary allocations.
The proposed consolidation of certain taxes is intended to simplify the tax system and provide a more sustainable funding mechanism for these agencies.
The statement further highlighted the need for tax reforms to address the challenges faced by businesses in Nigeria, including excessive tax burdens. By simplifying the tax system and reducing the number of taxes, the government aims to attract more investment and stimulate economic growth.
The government urged Nigerians to engage with the ongoing public hearings on the tax reform bills, providing valuable input on how to improve the tax system for the benefit of all.
