{"id":57514,"date":"2024-12-02T18:05:13","date_gmt":"2024-12-02T18:05:13","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=57514"},"modified":"2024-12-02T18:05:13","modified_gmt":"2024-12-02T18:05:13","slug":"presidency-debunks-misconceptions-on-tax-reform-bills-advocates-constructive-engagement","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/12\/02\/presidency-debunks-misconceptions-on-tax-reform-bills-advocates-constructive-engagement\/","title":{"rendered":"Presidency Debunks Misconceptions on ‘Tax Reform Bills’, Advocates Constructive Engagement"},"content":{"rendered":"

By Alexis Uchendu<\/strong><\/em><\/p>\n

The Presidency has addressed growing misconceptions about the Tax Reform Bills currently before the National Assembly, dismissing claims that the proposed reforms aim to eliminate critical government agencies or marginalize specific regions of the country.<\/p>\n

In a statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the government clarified that the reforms are designed to streamline Nigeria\u2019s tax system, ease the burden on businesses, and foster a more competitive economy.<\/p>\n

\u201cThe bills do not propose the abolition of agencies such as NASENI, TETFUND, or NITDA.<\/p>\n

“Rather, they recommend consolidating multiple taxes into a unified system shared by these agencies until 2030.<\/p>\n

“This ensures the agencies have sufficient time to explore alternative funding mechanisms alongside budgetary allocations,\u201d the statement explained.<\/p>\n

According to Onanuga, the reforms initiated by President Bola Tinubu seek to resolve longstanding concerns about the complexity of Nigeria’s tax regime, which has discouraged investment and driven businesses abroad.<\/p>\n

By replacing inefficient earmarked taxes with a unified framework, the government aims to prioritize national development while reducing financial strain on businesses.<\/p>\n

The Presidency criticized attempts to politicize the reform process, urging stakeholders to engage constructively during the National Assembly\u2019s forthcoming public hearings.<\/p>\n

Onanuga emphasized the importance of avoiding divisive rhetoric, stating:
\n\u201cLeaders and citizens alike must refrain from inflaming public sentiments or polarizing the nation for political gain.<\/p>\n

“Instead, we should focus on modernizing outdated tax laws to achieve sustainable growth and development,\u201d he explained.<\/p>\n

The Tax Reform Bills represent a key component of the Tinubu administration’s broader economic agenda, aimed at improving fiscal efficiency and creating a more conducive environment for investment and economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Alexis Uchendu The Presidency has addressed growing misconceptions about the Tax Reform Bills currently before the National Assembly, dismissing claims that the proposed reforms aim to eliminate critical government agencies or marginalize specific regions of the country. In a statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, […]<\/p>\n","protected":false},"author":29,"featured_media":57515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59,853,1141,483],"class_list":["post-57514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured","tag-naseni","tag-nitda","tag-tetfund"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=57514"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57514\/revisions"}],"predecessor-version":[{"id":57516,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57514\/revisions\/57516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/57515"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=57514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=57514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=57514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}