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How Tax Reform Will Drive Economy
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
Featured
Nigeria’s Historic Bid for the 2030 Commonwealth Games: A Call for National and Global Support
Joel Ajayi
Nigeria is poised to make history as it seeks to host the Centenary Commonwealth Games in 2030, a monumental opportunity that promises to transform the nation’s economy, infrastructure, and global standing.
More than a sporting spectacle, the Games would serve as a catalyst for development across multiple sectors, leaving behind a legacy of national pride and sustainable growth.
The benefits of hosting the Games extend far beyond the sports arena. Nigeria stands to gain both empirical and non-empirical advantages, with direct, indirect, and induced impacts that will touch every corner of society. Infrastructural development will take center stage, with new facilities such as indoor sports halls, conference centers, and improved road networks reshaping urban landscapes while strengthening the nation’s capacity to host future international events.
Economic growth is another significant dividend. Over 10,000 jobs are expected to be created, spanning construction, facility management, event planning, and tourism services.
The hospitality industry will undergo major improvements as hotels and resorts are upgraded to meet international standards, while local restaurants, lounges, and tourist attractions will see a surge in patronage from international visitors. Small and medium enterprises, particularly in the transport, finance, and food service sectors, will become some of the greatest beneficiaries, as the Games generate new demand and expand opportunities for local businesses.
The Commonwealth Games will also accelerate the growth of Nigeria’s sports industry.
Investments in training facilities, coaching, and talent development will inspire a new generation of athletes, ensuring long-term benefits that extend beyond 2030, a major focus of the President Bola Tinubu administration.
At the same time, the process of preparing for the Games will create opportunities for Nigerians to learn new crafts, acquire technical skills, and engage in global-standard event management, thereby strengthening human capacity and innovation across industries.
Mallam Shehu Dikko, Chairman of the Nigeria Sports Commission, and Hon. Bukola Olopade, the Director General, have been widely recognized for their tireless and visionary leadership in repositioning Nigeria’s sporting sector.
Their commitment to facilitating infrastructural development and strengthening grassroots sports development has laid the foundation for Nigeria’s bold bid to host the 2030 Commonwealth Games. Under their leadership, the NSC is fostering strategic partnerships and driving innovation in sports administration, they have demonstrated the nation’s readiness to stage an event of such global magnitude.
Beyond the tangible gains, the hosting of the 2030 Commonwealth Games carries profound symbolic value. It would be a moment of unity and pride, a chance for Nigeria to showcase its cultural richness, resilience, and excellence to the world.
As a centenary edition, the Games would stand as a historic milestone not just for the Commonwealth but for Nigeria itself, cementing its place on the global stage as a capable, ambitious, and forward-looking nation.
The gains from hosting the Commonwealth Games can never be undermined or overemphasized. This is Nigeria’s time to step forward and show the world our resilience, and excellence. We call on every Nigerian, across sectors and communities, to support this noble aspiration.
Nigeria’s pursuit of the 2030 Commonwealth Games is a vision for transformation, a blueprint for national development, and a legacy project that will inspire generations to come.
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