Tax reform bills to address multiple levies overburdening Nigerian investors — Presidency

The presidency has debunked insinuations that it introduced tax reform bills to make Lagos and Rivers richer than other states.

It also wrote off critics who have speculated that the policy, when implemented, would lead to the scrapping of the Tertiary Education Trust Fund, TETFund, NASENI and NITDA among other agencies of government.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, rose to the defence of the bills in a statement circulated to State House correspondents on Monday, regretting that in the last few weeks, various political actors and commentators have tried to obfuscate the facts, deliberately misinforming and misleading the public.

The presidential spokesperson said most of the reactions are not grounded in facts, reality, or sufficient knowledge of the bills.

He lamented that while some commentators have attempted to incite the people against lawmakers, others have polarised one section of the country against another.

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Giving further insight into the policy, Onanuga reiterated that the tax reform bills will not make Lagos or Rivers more affluent than other parts of the country, as recklessly canvassed.

He assured that the bills would 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 presidential media aide stated.

He insisted that the multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations.