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Key provisions in the bill include VAT hikes, beginning with a rise from 7.5% to 10% in 2025 and potentially reaching 15% by 2030.
Over 1,000 civil society groups are set to convene a strategic town hall meeting in Abuja on December 1, 2024, to dissect and debate the Nigeria Tax Bill 2024.
This coalition, under the banner of the Situation Room, aims to facilitate dialogue between scholars, policymakers, and stakeholders amid growing national concerns.
The bill, formally titled “An Act to Repeal Certain Acts on Taxation and Consolidate Legal Frameworks Relating to Taxation,” seeks to revamp Nigeria’s fiscal landscape by implementing comprehensive regulations governing income, transaction, and instrument taxation.
President Bola Ahmed Tinubu recently submitted the proposed bill to the National Assembly, sparking strong objections from Northern governors and traditional leaders. They claim the bill’s provisions clash with regional interests, particularly citing the proposed increase in Value Added Tax (VAT) and other levies.
“This meeting will allow stakeholders to examine the bill’s impacts critically,” noted Dr. Vincent Ntui, Executive Director of the Situation Room.
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Ntui highlighted that one of the town hall’s key objectives is the adoption of a civil society working document.
“Our goal is to ensure this tax bill genuinely serves Nigeria’s people,” he added, emphasising the need for transparency, accountability, and inclusivity in the policymaking process.
Key provisions in the bill include VAT hikes, beginning with a rise from 7.5% to 10% in 2025 and potentially reaching 15% by 2030. Additionally, the bill proposes a company income tax of 27.5% for large corporations, a development levy, and excise taxes on telecommunications and gaming income.
READ ALSO: ‘North cannot reap where it didn’t sow’ – Omirhobo backs Tax Reform Bill
Such changes have raised concern among various civil society organisations and Northern leaders, who have described the proposed adjustments as potentially detrimental to regional economic stability.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, has defended the bill, stating, “The Nigeria Tax Bill 2024 aims to eliminate unintended multiple taxation and streamline tax obligations, benefiting businesses and individuals nationwide.”
With Nigeria’s fiscal framework at a turning point, the Situation Room’s town hall meeting is expected to provide crucial insights and shape the final legislation to meet Nigeria’s evolving economic needs.
