Tinubu’s proposed tax reforms promise increased revenue, economic growth, and job creation, transforming Nigeria’s fiscal landscape.
[dropcap]D[/dropcap]r Abayomi Nurain Mumuni, a prominent figure in the ruling All Progressives Congress (APC), has expressed confidence in the proposed tax reform bills introduced by President Bola Ahmed Tinubu.
According to Mumuni, these reforms hold significant potential for enhancing Nigeria’s revenue generation, job creation, and economic stability.
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In a statement released on Tuesday via his Media Aide, Rasheed Abubakar, Mumuni praised the initiative, emphasising its transformative impact on the country’s fiscal framework.
This follows Tinubu’s submission of four tax reform bills to the National Assembly last week.
Mumuni outlined the anticipated benefits of the bills, describing them as pivotal for economic diversification, attracting foreign investments, and improving public services.
“The reform aims to broaden the tax base and improve compliance,” he stated, highlighting how increased revenue would bolster essential services like healthcare, education, and infrastructure.
He also noted that the proposed reforms could encourage investments in sectors such as agriculture, technology, and manufacturing, reducing Nigeria’s dependence on oil revenues.
“A transparent and predictable tax system can make Nigeria more attractive to foreign investors, fostering economic growth and reducing unemployment and poverty levels,” he added.
Beyond revenue generation, Mumuni stressed that these reforms are crucial for fiscal responsibility, economic stability, and social equity.
The bills are expected to simplify tax processes for small and medium enterprises (SMEs), promoting entrepreneurship and innovation.
By strengthening tax policies, the government aims to reduce corruption, manage budgets effectively, and ensure wealthier individuals and corporations contribute fairly.
“These reforms aim to create a more favourable economic environment in Nigeria, benefiting both the government and its citizens,” Mumuni concluded.
If passed, the tax reform bills could mark a new chapter for Nigeria’s economy, laying the groundwork for sustainable growth and improved living standards for its citizens.
Source: Read more at gazettengr.com
