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How Tax Reform Will Drive Economy

Published

18 hours ago

November 6, 2024

By Aderonke Atoyebi

The Tax Reform Bill has become a point of discussion in Nigeria, generating enthusiasm and concern among various stakeholders, and the general public. This reform includes four legislative proposals: the Nigeria Tax Bill, which aims to eliminate multiple taxation; the Nigeria Tax Administration Bill (NTAB), designed to harmonize tax processes across all levels of government; the Nigeria Revenue Service (Establishment) Bill, which seeks to rename the Federal Inland Revenue Service to Nigeria Revenue Service; and the Joint Revenue Board Establishment Bill, proposing the creation of a Joint Revenue Board to streamline tax administration. Together, these bills are set to transform the nation’s tax sector, making it more efficient and aligned with global best practices.

President Tinubu stands firmly behind this reform, recognizing its potential to drive economic growth and enhance national development. In his recent statements, President Tinubu has expressed unwavering support for the Tax Reform Bill, urging northern governors to allow the legislative process to unfold without unnecessary interruptions. He emphasizes that this is not merely a political exercise; rather, it is a step toward achieving economic prosperity for all Nigerians. The bill is not about favoring one region over another but is designed to create a fairer and more effective tax system that benefits the entire country.

The Tax Reform Bill represents a move towards economic prosperity and national development. The focus should be on the transformative impact of these reforms, which aim to streamline tax administration and eliminate inefficiencies that have long hindered progress.

The vision that President Tinubu holds for Nigeria’s economy is one of resilience and opportunity. He envisions an economy where businesses can thrive, investments flow freely, and citizens enjoy improved living standards. The Bill is a component of this vision, aimed at simplifying tax burdens and enhancing compliance, allowing the government to invest more in public services and infrastructure.

For the citizens of Nigeria, the benefits of this reform are clear. By addressing the complexities of the current tax system, the bill promises to alleviate the burden on taxpayers, making it easier for people and businesses to meet their obligations. This, in turn, will lead to increased revenue for the government, enabling it to fund services that improve the quality of life for all Nigerians.

Nigerians should refrain from creating problems where none exist. President Tinubu acknowledges the valuable input from the NEC, as reflected in recent communications. It is important to understand that the bill is not designed to disadvantage the northern region. The derivation model for Value-Added Tax (VAT) is structured to allocate tax revenues based on consumption rather than the production location.

For instance, while telecommunications companies may be headquartered in Lagos, the substantial consumer base is in Kano, which means that the northern region stands to gain more from VAT revenue due to its high level of consumption. The same principle applies to other sectors, such as confectioneries and soft drinks. Therefore, irrespective of where, whether North, South, East, or West has much to gain from the proposed VAT distribution model.

As Nigeria moves forward with these reforms, it is necessary to remain focused on the bigger picture. There is a tremendous amount of work to be done, and the nation must avoid distractions that could derail its progress. President Tinubu is working closely together with the right team to ensure that the Tax Reform Bill catalyzes positive change and national development, paving the way for a prosperous future for all Nigerians.

With open dialogue and a commitment to collaboration, Nigeria can move forward toward a brighter, more equitable future. The time for change is now, and together, we can illuminate the path to progress and prosperity for all Nigerians. Supporting this reform will improve the economy generally and simplify tax procedures, allowing all citizens to prosper in a system built on efficiency and fairness.

Atoyebi, an award-winning investigative journalist, is the Technical Assistant, Broadcast Media, to the Executive Chairman of the Federal Inland Revenue Service. She writes from Abuja

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Olawande’s 21st Century Skills initiative, A Move Towards Re-fertilization Of Nigerian Youths

Published

18 hours ago

November 6, 2024

The Gleamer

By Joel Ajayi

Transforming the Nigeria youths to equip the current and future generations with 21st century skills is important. The Africa and National Youth Day 2024 is therefore a historic moment to put a need 21st century skills at the forefront toward the the growth and development of all.

Nigeria as a nation has made meaningful progress in education over the past 60 years, with more girls in school and more students in Higher education system than ever before.

Reports showed that School completion rates have increased from 2000 to 2022 at all levels.

Still, these gains are insufficient to prepare Nigerians youth for the 21st century and its fast-changing professional landscape. By 2030, roughly 60 million jobs iin Nigeria and 230 million in Africa will demand digital skills. Classroom practices must shift to meet these future employability needs and nurture creativity, critical thinking and problem-solving.

Nigeria recorded the largest population of young people in the continent of Africa that means a 21st century skills is critical to to equip the current and future generations.

Based on this, Minister of Youth Development, Comrade Ayodele Olawande who has been promoter and advocate of digital skiill even before he became Minister has once again initiate digital literacy programmes, technical skills empowerment and leadership insight and urged young people to actively develop and adopt crucial 21st-century skills to effectively combat the rising issue of unemployment.

When he was Minister Youth for State, he introducing the Youth Development Fund to support young entrepreneurs, implementing the Youth Empowerment Program, training over 10,000 young people in vocational skills, establishing the Youth Mentorship Initiative, pairing young people with experienced professionals, and developing the National Youth Policy, providing a framework for youth development.

He also initiated the “One Youth One Ward” initiative to tackle drug abuse, established the Youth Innovation Hub, hosted the National Youth Conference, rolled out the Youth Volunteer Program, fostered partnerships with private sector organizations amongst others.

He has implement innovative programs, foster strategic partnerships, and demonstrated unwavering commitment to inclusivity and equal opportunities.

Now Minister of Youth without doubt has been at the forefront of this journey, demonstrating unwavering dedication to empowering Nigerians youth even from his school days.

Comrade Ayodele Olawande made this appeal today in Abuja during the Africa and National Youth Day Celebration with the theme : ‘ Educate an African Fit for the 21st Century’ and sub-theme: ‘Building a Resilient Education System: A New Hope for Nigerian Youth’,

He said such skills like critical thinking, digital literacy, and effective communications are essential tools for navigating the increasingly competitive job markets.

Olawande strongly advocated for the youth of Nigeria to prioritize the investment of their time and put efforts in developing a diverse range of essential skills and competencies by actively engaging in the pursuit that can significantly enhance their employability that will make them attractive candidates before their potential employers.

According to the Minister, “acquiring these skills will equip youth to confidently navigate the complexities and demands of an increasingly competitive job market, where adaptability and innovation are crucial. This proactive approach plays a vital role in addressing the rising unemployment crisis that has been affecting many young Nigerians today.”

“Through dedicated skill development, they can not only improve their job prospects but also lay the groundwork for sustainable career growth and success in the long run. In this rapidly evolving economic landscape, embracing continuous learning and professional development is not just beneficial; it is essential for achieving one’s career aspirations,” he explained.

The Minister further explained that the theme, “Educate an African Fit for the 21st Century,” serves as a powerful endorsement of the One Youth Two Skills initiative, adding that it will foster practical skills alongside formal education.

Olawande stated : “This initiative aims to empower youth and create sustainable employment opportunities. Ultimately, the initiative is a key component of the Renewed Hope Agenda, which seeks to eliminate unemployment and promote economic growth across the continent”.

In his paper presentation, Professor Ahmed Adamu, a lecturer at Nile University, Abuja, stated that by next year, 85 million jobs will be lost due to technological advancements, while 97 million new jobs are expected to be created.

Professor Adamu stressed that the future job market will heavily favour those individuals who proactively seek to acquire new skills and adapt to the evolving technological landscape.

Adamu said that for one to go far in whatever they are doing, they must be self-disciplined, duly intelligent and have the consistency in learning.

However, the minister of Youth led the teaming youths on a road walk from the Ministry to BMO Event Centre to Celebrate Africa and National Youth Day.

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