Connect with us

News

Nigeria Struggles With 6% Tax GDP Ratio – Speaker Abbas

Published

on

…say Reps has not take any definitive position on tax reform bills
….as presidency say bills not designed against any region
By Gloria Ikibah
The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has expressed concerns over Nigeria’s tax-to-GDP ratio, which currently stands at a mere 6 per cent.
The Speaker noted that this figure was significantly below the global average and the World Bank’s recommended minimum benchmark of 15 per cent necessary for sustainable development, despite Nigeria being Africa’s largest economy.
Abbas stated this at an interactive session on Tax Reform Bills at the National Assembly Complex on Monday in Abuja.
He stated, “Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 per cent, far below the global average and the World Bank’s minimum benchmark of 15 per cent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation.”
The Speaker highlighted the importance of the proposed tax reforms in diversifying Nigeria’s revenue base, ensuring equity, and fostering an environment conducive to investment and innovation.
“The proposed tax reform bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation. However, as representatives of the people, we must approach these reforms thoughtfully, understanding their potential implications for every segment of society.
Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses”, Abbas added.
Acknowledging public concerns and debates surrounding the bills, Speaker Abbas emphasized the need for thorough deliberation and clarification of contentious issues.
“The controversies surrounding these bills, whether in the media, civil society, or among governance stakeholders, are a reflection of their importance.
Such debates are healthy and necessary in a democracy, and this session aims to channel those discussions into productive outcomes. It is critical that we listen to diverse perspectives, ask probing questions, and seek clarity on any unclear provisions,” he stated.
He reassured Nigerians that the House has not yet adopted a position on the bills and is committed to ensuring that the final legislation serves the best interests of the nation. “The House has not yet taken a definitive position on these bills. Our role is to scrutinise them thoroughly, ensuring they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians,” he said.
The Speaker also stressed the importance of balancing national interests with the needs of citizens, reiterating that “Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.”
Rep. Abbas underscored the significance of pre-legislative scrutiny as a vital parliamentary practice to resolve ambiguities and ensure alignment with constitutional provisions, and described the interactive session as an opportunity for lawmakers to engage with experts and stakeholders to better understand the potential implications of the proposed reforms.
Addressing the session, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, clarified that the proposed tax reform bills were not designed to undermine or marginalize any region.
Iyedele emphasized that the reforms aim to enhance efficiency and boost revenue allocation to states based on consumption patterns.
He explained, “Currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 per cent to the Federal Government, 50 per cent to the States and FCT, and 35 per cent to Local Governments. There is no negative thinking about any region or anything.”
Oyedele outlined key aspects of the reforms, which include amendments to income tax laws to support remote work opportunities, particularly in the global business process outsourcing sector.
Other provisions include tax exemptions for small businesses with an annual turnover of N50 million or less, alongside initiatives aimed at boosting exports and promoting the digital economy to create more opportunities for Nigerian youths.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

BREAKING: Jubilation As PDP Wins All 30 LGs In Osun State(See winners)

Published

on

By Kayode Sanni-Arewa

The Osun State Independent Electoral Commission, OSSIEC, has announced that the Peoples Democratic Party, PDP, won all the local government and councillorship positions in the just concluded local government elections in the state.

The Chairman of the Commission, Hashim Abioye, made this announcement via a Facebook Live broadcast on Saturday evening.

Abioye stated that PDP candidates secured all the councillorship seats in all 332 wards in the state, as well as the chairmanship elections in all 30 local government council areas.

Advertisement

The names of the PDP chairmanship candidates and their respective local government council areas:

Babalola Wasiu Kayode – Boripe

Okunade Oluwafemi Adesanya – Egbedore

Adeyenuwo Rotimi John – Ife Central

Advertisement

Agboola Francis Olajire – Obokun

Azeez Lateef Adeniran – Isokan

Aina Abayomi Adesina – Boluwaduro

Sodiq Samuel Oluwapelumi – Ola Oluwa

Advertisement

Ajibade Oluwatoyin S. – Irepodun

Adebanjo Oladiti Tunmininu – Ilesa West

Ibironke Alade Adegboye – Atakumosa East

Aroke Muyiwa Aderemi – Ife South

Advertisement

Kolade Obafemi Kolawole – Olorunda

Moshood Adekunle Kabiru – Iwo

Awotunde Abiodun Sarafadeen – Ifelodun

Akande Taiwo Adekunle – Osogbo

Advertisement

Dada Feyisayo Ajibola – Atakumosa West

Amodu Taiwo – Ede North

Atolagbe Kayode Olayinka – Ifedayo

Akande Michael O. – Ife North

Advertisement

Adeyekun Taiwo Adebayo – Oriade

Adeniran Adenike Felicia – Ayedaade

Afolabi Oyekola Lukman – Ede South

Odunyemi Haruna Bukola – Ife East

Advertisement

Jooda Ambali Babajide – Irewole

Adewale Adeyinka Oluwaseun – Odo Otin

Ogunbiyi Solomon Akinyemi – Ayedire

Raimi Adenike Nafisat – Ejigbo

Advertisement

Adebisi Jayeola Nasir – Ila

Ilesanmi Taiwo Sunday – Ilesa East

Alade Aderemi Fatai – Orolu

Advertisement
Continue Reading

News

DSS arrests three for assaulting operatives during LSHA crisis

Published

on

By Kayode Sanni-Arewa

The Department of State Services (DSS) has arrested three persons linked to the alleged assault on its officers during the crisis that rocked the Lagos State House of Assembly, following the removal Mudashiru Obasa, as Speaker

Apparently sensing danger, some lawmakers had mobilized their supporters to the Assembly Complex, but these supporters allegedly attacked some DSS officers who were invited by the Assembly leadership to secure the facility. Security sources revealed that “after extensive analysis of CCTV footage, we were able to clearly identify three of the suspects”.
“The suspects, Ibrahim Olanrewaju Abdulkareem, a photographer and two others attached to the Assembly’s Seargent at Arms, Adetu Adekunle Samsudeen and Adetola Oluwatosin Fatimoh, a lady, were consequently tracked and arrested during the week in different parts of Lagos,” The trio have since confessed to the crime and will soon be charged to court, the source said.

It would be recalled that the Lagos Assembly had in a leaked memo dated 14th February, 2025 and addressed to the DSS Director in the State, and Heads of other Security Agencies in Lagos State, told the Security Agencies in Lagos that, there was credible information to the effect that, Obasa had planned to forcefully reinstate himself today, February 18, 2025.
Accordingly, the Assembly management, held the view that, the development posed “a potential security threat” to it and its members.

Advertisement
Continue Reading

News

Police seal OSSIEC office, officials nabbed, says chairman

Published

on

By Kayode Sanni-Arewa

The chairman of the Osun State Independent Electoral Commission (OSSIEC), Hashim Abioye, has claimed that the police have sealed off the headquarters in Osogbo.

In a video post on the OSSIEC X handle, Abioye accused the police of also arresting election officials and blocking journalists from covering the local government election.

According to him, several OSSIEC officials were detained while on their way to polling units on Saturday.

Advertisement

Attempts by our correspondent to reach Abioye for further details proved abortive as his telephone line was switched off.

The OSSIEC chair, in the post, assured voters that materials had been deployed to affected areas.

So far so good, the reports have been positive and the conduct has been very smooth and peaceful as against the false alarm raised by the police. Everywhere is calm,” Abioye said.

“The only thing is that in some of the areas in which materials are supposed to have arrived for voters to cast their votes, we had reports of police arresting our officials.

Advertisement

“I don’t know on whose order because there is no court order that warranted the arrest of officers of our officials.

“As it is, we have deployed materials to those units because we have enough on the ground.

For our people in the media community, I want to apologise for the inadequacy of the tags and the jackets because we have enough but the police sealed our office and that was not warranted at all.”

Abioye’s comments come after police had called for the local government election to be called off by the state government, citing a security threat.

Advertisement

In a statement by its Public Relations Officer, Olumuyiwa Adejobi, on Friday, the Police said it received credible intelligence indicating a likelihood of violence and significant security threats should the planned elections proceed.

The police explained that reports gathered from joint intelligence gathering revealed that various groups, including political elements and other interested parties, are mobilising to instigate unrest, disrupt public peace and undermine the democratic order.

However, the Osun State government acknowledged the police’s advice but insisted on going on with the election.

Channels Television reports that the election eventually went on as scheduled on Saturday.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News