Ohanaeze joins South-west, South-south, North-central in supporting Tax Reform Bills

President Bola Ahmed Tinubu‘s plan to reform Nigeria’s tax laws got a boost with Ohanaeze Ndigbo, the apex socio-cultural organisation from the South-east joining the South-west, South-south and North-central parts of Nigeria to support the landmark bills expected to significantly alter the existing fiscal framework.

Wading into the debate on the much-talked-about proposed legislations, Ohanaeze Ndigbo, in a statement issued by the Secretary General of the body, Okechukwu Isiguzoro, on Sunday noted that the bills represent a transformative opportunity for the rejuvenation of Small Medium Enterprises (SMEs) and the enhancement of the fortunes of Nigerian workers.

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SolaceBase gathered that federal lawmakers from the South-west, South-south and North-central were already in on the need to alter the current framework to serve the generality of Nigerians.

The bills have recently received mixed reactions from members of the public, as the gulf between the proponents and those opposed to the bills, especially the part dealing with the derivation formula in Value Added Tax (VAT) has widened.

In backing the federal government’s move, the Isiguzoro-led Ohanaeze Ndigbo added that by eliminating the scourge of double taxation imposed by state governors, the reforms would pave the way for an equitable business climate that significantly elevates both local and foreign investment potential.

“In an emphatic affirmation of progress and economic empowerment, Ohanaeze Ndigbo, the esteemed apex socio-cultural organisation representing the Igbo nation, hereby announces its steadfast endorsement of President Bola Ahmed Tinubu’s proposed tax reforms bills.

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“This endorsement comes after rigorous reviews, exhaustive consultations with an array of stakeholders, and an in-depth analysis of the bills’ implications for the Nigerian economic landscape.

“Our comprehensive evaluation has led us to the resolute conclusion that these tax reforms are not merely legislative proposals; they represent a transformative opportunity for the rejuvenation of SMEs and the enhancement of the fortunes of Nigerian workers.

“By eliminating the scourge of double taxation imposed by unscrupulous state governors, these reforms will pave the way for an equitable business climate that significantly elevates both local and foreign investment potential.

“The Igbo people, renowned for our entrepreneurial spirit and unwavering commitment to economic self-determination, stand to gain immensely from these reforms,” Isiguzoro argued.

According to him, the proposed measures are expected to safeguard the private sector, particularly benefiting the ‘industrious Igbos’, who he said play a pivotal role in driving the Nigerian economy through vibrant SME activities.

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The apex Igbo body further called on southern lawmakers in the National Assembly to unify their efforts in support of what it described as Tinubu’s transformative restructuring programme within Nigeria’s economic and fiscal sectors.

Ohanaeze Ndigbo emphasised: “It is disheartening to observe the substantial opposition that has emerged from certain factions within Northern Nigeria regarding these critical reforms.

“There is palpable concern that Northern governors are mobilising their forces to stifle the progression of the tax reforms bills within the National Assembly, relying on their numerical predominance to assert undue influence.

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“This orchestrated opposition appears driven by a desire to perpetuate the current VAT derivation principles that unjustly favour select interests at the expense of equitable national growth.

“The implications of such manoeuvres are profound. If the Northern political elites succeed in thwarting President Tinubu’s initiatives, it could set a dangerous precedent, fostering a climate of resistance against meaningful reform.

“This scenario poses a tangible threat not only to the president’s agenda but also to the broader economic aspirations of millions of Nigerians who yearn for a reformed and equitable system.”

The body further urged all stakeholders, including lawmakers, business actors, and citizens to unite in support of these pivotal tax reform bills.