Over 1,000 civil society organizations are gearing up to convene in Abuja on December 1, to critically examine the Nigeria Tax Bill 2024.
This gathering, organized under the banner of the Situation Room, aims to foster dialogue among scholars, policymakers, and stakeholders regarding the bill's implications.
The proposed legislation, formally titled "An Act to Repeal Certain Acts on Taxation and Consolidate Legal Frameworks Relating to Taxation," seeks to overhaul Nigeria's fiscal policies by establishing comprehensive rules for income, transaction, and instrument taxation.
A key provision of the bill is the increase in Value Added Tax (VAT) from 7.5% to 10% in 2025, with a potential rise to 15% by 2030. Additionally, it proposes a company income tax of 27.5% for large corporations, along with excise taxes on telecommunications and gaming income.
President Bola Ahmed Tinubu recently submitted the bill to the National Assembly, sparking strong objections from Northern governors and traditional leaders.
They argue that the bill's provisions conflict with regional interests, particularly due to the proposed VAT hikes and other levies.
Dr. Vincent Ntui, Executive Director of the Situation Room, emphasized the importance of the upcoming town hall meeting, stating, "This meeting will allow stakeholders to examine the bill’s impacts critically."
The bill has also drawn criticism from various civil society organizations, who describe the proposed adjustments as potentially detrimental to regional economic stability.
Despite these concerns, Special Adviser to the President on Information and Strategy, Bayo Onanuga, defended the bill, asserting, “The Nigeria Tax Bill 2024 aims to eliminate unintended multiple taxation and streamline tax obligations, benefiting businesses and individuals nationwide.”
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