By Luminous Jannamike

ABUJA – The Coalition of Arewa Groups, comprising 300 organizations from Nigeria’s 19 northern states, has thrown its support behind President Bola Tinubu’s proposed Nigeria Tax Bill 2024, calling on the National Assembly to expedite its passage.

The coalition announced this endorsement following a meeting in Kaduna, where members expressed confidence in the bill’s potential to reshape Nigeria’s fiscal landscape and drive economic growth and sustainability.

The coalition praised President Tinubu’s vision to modernize the nation’s tax framework, describing the reforms as essential for consolidating tax structures, unifying revenue collection, and promoting economic development.

According to the group, the bill, presented by the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele, proposes several key changes.
These include a gradual increase in Value Added Tax (VAT) from 7.5% to 15% by 2030 and an adjustment in Company Income Tax, which would set a rate of 27.5% for large companies, reducing to 25% by 2026.

Additionally, the bill proposes a 4% development levy on companies to fund the Student Education Loan Fund, along with a 5% excise duty on sectors such as lottery, gaming, and telecommunications.

The coalition emphasized its support for these measures, highlighting their expected contributions to revenue generation and Nigeria’s economic prosperity.

The coalition also commended Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji for his media efforts to clarify the bill’s details, noting that his outreach has been instrumental in improving public understanding.

The group expressed its confidence in Adedeji’s leadership of the FIRS and reiterated its commitment to President Tinubu’s reform agenda, emphasizing the benefits these changes would bring to Nigerians.

In its statement co-signed by Alhaji Usman Abubakar and Obadiah Amos, the coalition also highlighted the bill’s emphasis on transparency, particularly through provisions requiring price transparency and monitoring of publication costs.

The coalition expressed confidence that these measures will help establish fairer prices in publishing and increase trust in the tax system.

Reaffirming its endorsement of the tax bill, the Coalition of Arewa Groups urged the National Assembly to pass the Nigeria Tax Bill 2024 without delay to enable swift implementation of these reforms.

The statement reads, ““The Nigeria Tax Bill 2024 demonstrates President Tinubu’s commitment to the nation’s prosperity. We believe these measures will foster economic development, enhance revenue generation, and promote Nigeria’s growth.

“Our support for the tax bills is grounded in our conviction that they will ultimately benefit the Nigerian people.

“Furthermore, we acknowledge the importance of transparency in the tax system. The bill’s provisions for price transparency and monitoring of publication costs and fees are particularly noteworthy. This level of transparency will contribute to establishing fair and reasonable prices for publishing services.

“In conclusion, we reaffirm our endorsement of President Tinubu’s tax bills. We urge the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring its timely implementation.“