News
RMAFC Not Opposed To President Tinubu’s Tax Reform
Joel Ajayi
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has refuted recent media reports alleging its opposition to President Bola Ahmed Tinubu’s proposed tax reform bills.
Speaking during a press briefing in Abuja, today, Tuesday 10th December, 2024, the Chairman of the Commission, Dr. Mohammed Bello Shehu, OFR, described the reports as “grossly misleading, false, and malicious.”
Dr. Shehu clarified that the RMAFC has been fully engaged in the reform process and is aligned with President Tinubu’s vision for an equitable and sustainable fiscal framework. He also highlighted the importance of the proposed tax reform bills in addressing Nigeria’s fiscal challenges.
“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,” Dr. Shehu stated.
While acknowledging that the issue of Value Added Tax (VAT) allocation and derivation has sparked intense debate, Dr. Shehu reassured Nigerians of the Commission’s proactive involvement in ensuring that global best practices guide the reform process.
“As a responsible and patriotic institution, we have submitted a comprehensive memorandum that emphasizes adherence to global best practices. This position aligns seamlessly with Mr. President’s vision,” he added.
Dr. Shehu condemned the spread of misinformation, emphasizing that the RMAFC has never opposed the bills but has instead provided professional advice to support their refinement.
He called on Nigerians to disregard baseless reports and urged the media to uphold ethical standards in their reportage.
“It is disheartening to note that, despite our explicit support for the proposed legislation, some individuals have chosen to peddle falsehoods for reasons best known to them,” he said.
“These inaccurate statements can undermine the ongoing efforts of patriotic Nigerians tirelessly working to support the President’s vision for the country.”
The Chairman further explained that the proposed tax reform bills are currently undergoing consultations, with inputs being sought from expert bodies. He cautioned against misinterpretation or misrepresentation of professional advice during this process.
“The Commission is a critical stakeholder in Nigeria’s fiscal framework, and we take our responsibility to provide expert advice seriously. We have been working closely with the National Assembly to ensure the proposed legislation is robust, effective, and aligned with global best practices,” Dr. Shehu emphasized.
He noted that the proposed bills aim to promote fiscal equity, reduce tax evasion, and increase revenue generation—objectives that align with the RMAFC’s mandate.
However, he acknowledged concerns about potential impacts on businesses and individuals, assuring stakeholders that the Commission remains committed to addressing these through constructive engagement.
Dr. Shehu stressed the importance of relying on factual information to avoid unnecessary controversies and called on all Nigerians to support the President’s bold fiscal reforms.
“At this critical juncture, the President needs the support of all Nigerians. Let us work together to support his vision for a more prosperous Nigeria,” he concluded.
The RMAFC urged the media to avoid the spread of fake news and focus on promoting factual and constructive dialogue for the collective good of the nation.
News
Ogunlesi backs Tinubu reforms as FIRS chairman Adedeji highlights export-led economy
Joel Ajayi
After a high-level meeting with President Bola Tinubu in Abuja, Nigerian-born global investor Adebayo Ogunlesi expressed renewed confidence in the country’s economic reforms, indicating potential mega investments across energy, aviation, and port sectors.
He was joined in that optimism by Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), who stressed that the reforms were laying the groundwork for an export-driven economy.
Speaking to journalists after the closed-door meeting, Ogunlesi praised the sweeping policy changes under Tinubu’s administration, including the removal of subsidies, tax reforms, and the revival of a refinery already exporting aviation fuel.
“We had an excellent meeting where we discussed how to put Nigeria front and center for international investment. The President was very encouraging, and we shared useful suggestions on driving economic growth,” Ogunlesi said.
Although he declined to reveal specific details, Ogunlesi confirmed that his firm is actively investing in Nigeria and assessing new opportunities.
“Watch this space. Nigeria is not yet the most exciting investment destination, but that’s what we are working on,” he teased.
Pressed on the sectors of interest, Ogunlesi highlighted energy, gas, aviation, ports, and renewables. Drawing on his firm’s experience with LNG projects in Texas and Australia, he noted Nigeria’s massive untapped gas reserves.
On aviation, he acknowledged his reputation as “the guy who bought Gatwick Airport” and signaled interest in similar ventures locally.
He also admitted that one of his companies operates ports in Cotonou and Lomé but none in Nigeria, a point Tinubu reportedly challenged him on.
“He forgave me but said, ‘you have to bring port investment to Nigeria,’” Ogunlesi recounted with a smile.
International investor Hakeem Bello-Osagie, who was also present, underscored the importance of diaspora participation in Nigeria’s growth story.
“When Nigerians at home and abroad invest in Nigeria, it sends a strong signal to the world,” he said, lauding Tinubu’s policies for making the country “investable.”
Echoing the sentiment, FIRS chairman Adedeji described the reforms as the foundation for an export-led economy.
“We’ve done the fundamentals, and now it is time to deliver growth,” he said.
With global players signaling confidence, the momentum for Nigeria’s economic repositioning is gaining ground, setting the stage for transformative investments in key industries.
-
Featured6 years agoLampard Names New Chelsea Manager
-
Featured5 years agoFG To Extends Lockdown In FCT, Lagos Ogun states For 7days
-
Featured6 years agoChildren Custody: Court Adjourns Mike Ezuruonye, Wife’s Case To April 7
-
Featured6 years agoNYSC Dismisses Report Of DG’s Plan To Islamize Benue Orientation Camp
-
Featured4 years agoTransfer Saga: How Mikel Obi Refused to compensate me After I Linked Him Worth $4m Deal In Kuwait SC – Okafor
-
Sports3 years ago
TINUBU LAMBAST DELE MOMODU
-
News9 months agoZulu to Super Eagles B team, President Tinubu is happy with you
-
Featured6 years ago
Board urges FG to establish one-stop rehabilitation centres in 6 geopolitical zones
