New Tax Bill lays a solid foundation for sustainable economic growth and national development- RMAFC Chairman
Oru Leonard
Chairman, Revenue Mobilization Allocation and Fiscal Commission, (RMAFC), Dr. Muhammed Bello Shehu, has commended President Tinubu for Signing Historic Tax Reform Bills, adding that the bill lays a solid foundation for sustainable economic growth and national development.
Dr Shehu who expressed profound appreciation to President Bola Ahmed Tinubu for signing the tax reform bills into law said, “This landmark legislative achievement underscores the administration’s dedication to enhancing transparency, accountability, and efficiency in revenue generation and allocation.”
The reforms aim to improve revenue generation, reduce dependence on oil revenue, and enhance economic diversification.
The modernized tax framework is also expected to strengthen compliance, broaden the tax base, and stimulate inclusive economic growth across all sectors and bring great relief to low-income earners who were previously compelled to pay taxes while struggling to survive on meager means.
Recall that RMAFC and its leadership has been a strong supporter of the tax reforms, refuting recent media reports alleging its opposition to President Tinubu’s proposed tax reform bills. In a press briefing, RMAFC Chairman Dr. Muhammed Bello Shehu described these reports as “grossly misleading, false, and malicious”.
The Commission has assured President Tinubu of its continued support and steadfast collaboration in implementing these far-reaching reforms. RMAFC views the tax amendment bills as a transformative fiscal stability and economic growth framework.
“We applaud President Tinubu’s strong commitment to repositioning Nigeria’s revenue base through bold initiatives. The proposed tax reform bills are a significant step towards integrating untapped revenue sources, enhancing Nigeria’s revenue-to-GDP ratio, and positioning the country favorably among nations with high fiscal performance”. The Dr Shehu concluded.
(RMAFC Media)
