Connect with us

News

New tax reforms will provide stronger social safety net – Nwoko

Published

5 months ago

on

Sen. Ned Nwoko (PDP-Delta) has said that the four new tax reform bills presently before the National Assembly would provide a stronger safety net for Nigerians.

Nwoko, who represents Delta North Senatorial District and a member of the Senate Committee on Constitutional Amendment as well as Finance, said this while speaking with the News Agency of Nigeria (NAN), in Abuja on Wednesday.

He said this was particularly so, if the presidency adopted his proposed model for National Social Security Agency.

According to him, Nigeria’s tax system has long been due for reform, and the four bills currently before the National Assembly, offers us a critical opportunity to address the deep-rooted fiscal challenges we face.

“Nigeria, with one of the lowest tax-to-GDP ratios in the world, our revenue framework is not fit to support a population of more than 220 million people.

“Importantly, this overhaul can also provide a stronger social safety net, particularly if the presidency adopts my proposed model for a National Social Security Agency.

“I proposed contributions from taxes and the private sector as part of sustainable funding mechanisms for the Agency.

“However, for this promise to be realised, we must pair reform with strong accountability mechanisms and a commitment to effective implementation.

“This is not just about raising taxes; it’s about making them work better for everyone. Nigeria cannot afford to keep postponing these tough but necessary decisions.”

The lawmaker also said that it was not taxation that was the problem, but how the revenues were utilised for the benefit of the people mattered.

ALSO READ:  4 persons rescued from collapsed building in Abuja

He added that the concerns raised in opposition were not unique to Nigeria.

“Countries that have successfully implemented tax reforms, faced initial challenges but ultimately created systems that are fairer.

“The principle of progressive taxation is central to the success of these reforms, which is protecting small businesses and low-income earners while ensuring that those with higher incomes contribute proportionately,” he said.

NAN reports that the Senate on Nov. 28, passed for second reading, the tax reform bills forwarded to it by President Bola Tinubu in October 2024.

The passage followed a debate among the lawmakers.

The bill was thereafter referred to the Committee on Finance, which was asked to revert in not more than six weeks.

Before the debate, the lawmakers had earlier gone into about an hour closed-door session.

NAN also reports that Tinubu on Tuesday, directed the Ministry of Justice to work closely with the National Assembly to address the concerns within and outside the legislature.

The Minister of Information and National Orientation, Mohammed Idris, revealed this in a statement he signed Tuesday titled ‘President Tinubu committed to accountability on tax bills, directs Ministry of Justice to work with NASS on concerns.’

Mohammed said, “In line with the established legislative procedure, the Federal Government welcomes meaningful inputs that can address whatever grey areas there may be in the bill.

“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”

ALSO READ:  Emirship: Coalition faults Kano govt’s Appeal Court judgement interpretation

The Federal Government says the bills are aimed at overhauling the nation’s tax system.

These are the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

The federal government said that the proposed legislation seeks to consolidate existing tax laws, establish clearer frameworks for tax administration, and create bodies like the Tax Appeal Tribunal and the Office of the Tax Ombudsman.

However, critics argue that the reforms could disrupt the balance of fiscal federalism, potentially centralising tax authority and diminishing state revenues.

Notably, at a meeting on Oct. 28, the 19 Northern States, under the platform of the Northern Governors’ Forum, rejected the new derivation-based model for Value-Added Tax distribution in the tax reform bills.

They argued that the changes might adversely affect their regions’ financial autonomy. (NAN)

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Gen. Katunku Simon Gora, A Leader With Humility, Purpose, Positive Heart For Service

Published

1 hour ago

on

April 27, 2025

By

By Tambaya Julius, Abuja

I’AM ROOTED IN HUMANITY AND DRIVEN BY IMPACTIVE SERVICE:

With nearly 30 years of exemplary military service behind me, my approach to leadership has always been anchored in humility and a profound respect for every individual. These principles are not mere concepts; they are deeply embedded values that influence every decision and action I take.

I firmly believe that true love and genuine selfless service can only originate from God. It is His presence within our hearts, minds, and strength that empowers us to extend sincere care and support to one another. My faith has been the guiding force, shaping my view that life’s true rewards come not from accolades, but from lifting others in their time of need.

Witnessing suffering – whether through poverty, disease, or adversity – stirs a deep compassion within me. I remain steadfast in my hope that one day, the essential needs of every community will be fully met. This vision continues to inspire my goals and fuels my enduring commitment to service.

MY LIFE BUILT ON PURPOSE AND INTERGRITY:

Integrity stands at the core of everything I do. I believe in living authentically, staying true to the person I am, while always striving to evolve into the person I am destined to become. God has blessed each of us with the gift of free will, and with it, the profound responsibility to use that freedom wisely.

Every goal I set is purposeful, pursued with enthusiasm, and carried out with unwavering dedication. Regardless of the final result, I find contentment in knowing that I have given my best, embracing each outcome with gratitude and humility.

ALSO READ:  CSOs Slams Governor Dauda Over Sacking of 2,363 Workers

Purpose, for me, is not a mere ambition; it is the reason for living. It is about making a tangible impact, however big or small, and knowing that one’s life has contributed meaningfully to the world.

FULFILLING MY CALLING OF SERVICE:

The most profound mission in life, I believe, is to answer the call for which we were created. Whether on the battlefield, within the community, or through personal growth, I have always sought to serve a purpose greater than myself.

Every act of service, no matter how modest, contributes to a larger tapestry of positive change. I am committed to ensuring that my time, my talents, and my energy are dedicated to making a difference leaving behind a legacy of compassion, strength, and hope.

To me, success is not measured by personal achievements alone but by the lives we touch and the hope we inspire. If through my service I can make even the smallest difference, then I believe I have truly fulfilled my purpose.

WE MUST UNITE IN PROGRESS AND HOPE:

I firmly hold to the belief that unity is our greatest strength. “United we stand, divided we fall” is more than just a phrase; it is a timeless truth that reminds us of the power of collective effort. By standing together, supporting one another, and striving for common goals, we create a future rich with promise and opportunity.

Growth and progress are not achieved in isolation. They flourish when communities come together, bound by mutual respect, understanding, and a shared commitment to a better tomorrow. It is through unity that we overcome adversity, and through cooperation that we achieve lasting success.

ALSO READ:  Tinubu condoles with Iran over passing President, others

The journey ahead may be filled with challenges, but with a spirit of togetherness and an unwavering focus on service and integrity, I am confident that we can continue to grow, prosper, and uplift one another.

I STAND ON LEGACY OF SERVICE AND FAITH:

As I reflect on my life’s journey, I remain deeply grateful for the experiences that have shaped me. Every moment of service, every challenge faced, and every act of compassion has reinforced my belief that a life of humility, purpose, and unwavering faith is a life well lived.

May we all strive to serve with heart, live with purpose, and unite in a spirit of hope and progress. Together, there is no limit to what we can achieve.

United We Stand – Divided We Fall. Together, We Grow and Progress!

Continue Reading

News

Kaduna State to hold education summit – Commissioner

Published

9 hours ago

on

April 27, 2025

By

Kaduna State Government will convene an Education Summit as part of its strategy to bring about transformative change in the education sector, which will be anchored on four strategic pillars.

The Commissioner for Education, Professor Muhammad Sani Bello, who disclosed this while inaugurating the steering committee, further said that the event will be titled KADA EDUPACT International Summit 2025″.

According to him, one of the pillars is the Policy/Governance/Innovative Education Financing Pillar.

The Commissioner also listed the Access and Retention, Credible Learning Outcomes From Quality Inputs Pillars, as well as the Technology and Innovation pillars.

Prof Bello argued that the main objective of the summit is “to forge an Educational Pact between the government and the people, establishing commitment to shared model for education delivery, measurable outcomes and clearly defined negotiables.”

He further said that experts will make motivating presentations, adding that the Summit will provide opportunity for robust discussions on local and international investments in education, policy-making as well as technological innovations for improved teaching and learning.

The Commissioner also assured that a comprehensive education development roadmap for Kaduna State would fashioned out during the summit.

He said that the Director General of Kaduna State Schools Quality Assurance Authority, Professor Usman Abubakar Zaria, will coordinate the activities of the steering committee, whose membership cuts across relevant Ministries Department and Agencies.

Sub-committees to handle various aspects of the summit were announced immediately after the steering committee was inaugurated.

ALSO READ:  Beige Africa's Investment Club Holds Inaugural Annual General Meeting
Continue Reading

News

Police Bust Human Trafficking Ring In Oyo, Rescue 84 Victims

Published

11 hours ago

on

April 27, 2025

By

The Oyo State Police Command has uncovered a human trafficking ring in Ibadan, the Oyo State capital.

In a major operation, the police rescued 83 individuals and a child from a house in the Orogun area of the city, where they had allegedly been held for an undisclosed period.

Preliminary reports suggest that the victims, believed to be nationals of the Democratic Republic of Congo, were lured to Nigeria under the pretence of being offered employment opportunities.

There are also claims that the perpetrators extorted significant sums of money, reportedly in dollars, from the victims’ parents and relatives as part of the elaborate scheme.

The rescued individuals are currently at the Police Headquarters in Eleyele, Ibadan, where authorities are conducting further investigations to ascertain the full details of the case.

ALSO READ:  NAFDAC Destroys Fake Drugs Worth N100trn In Anambra
Continue Reading