On December 1, 2024, a coalition of 1,000 civil society groups, known as the Situation Room, will convene a town hall meeting in Abuja to discuss the Nigeria Tax Bill 2024.
The proposed bill, recently presented to the National Assembly by President Bola Tinubu, aims to consolidate Nigeria’s tax laws, restructure the fiscal framework, and introduce key tax changes.
However, the bill has sparked opposition, particularly from northern governors and traditional leaders who argue it conflicts with regional interests.
Dr. Vincent Ntui, Executive Director of the Situation Room, announced the town hall’s theme as “Taxation in Nigeria: Issues, Challenges, and the Future.” The meeting will bring together civil society representatives, policymakers, scholars, and stakeholders to review the bill’s impact and propose adjustments. “This meeting aims to provide a platform for stakeholders to critically examine the bill’s provisions and their implications for the country,” Ntui explained.
The Nigeria Tax Bill 2024 includes several major changes, such as an incremental rise in Value Added Tax (VAT) from 7.5% to 15% over the coming years and an increase in company income tax to 27.5% for businesses with turnovers above N20 billion.
It also proposes a 4% development levy on company profits and a 5% excise tax on lottery, gaming, and telecommunications services. These provisions have raised concerns over potential economic strain, with one of the strongest criticisms coming from northern leaders who believe the bill overlooks their regional interests.
In response, the Presidency clarified that the bill aims to simplify tax obligations and reduce multiple taxation. Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated, “The Nigeria Tax Bill 2024 is intended to make Nigeria’s economy more competitive by streamlining taxes for businesses and individuals alike.”
The town hall aims to promote transparency and inclusivity in tax reform, and the Situation Room will present a working document with recommendations for the National Assembly.
This gathering, Ntui said, is critical for ensuring that the bill reflects the needs and aspirations of Nigerians, emphasizing, “The importance of this meeting is crucial for civil society groups to engage with policymakers and stakeholders to ensure that the tax bill serves the best interests of the Nigerian people.”
