A high-ranking member of the All Progressives Congress (APC), Dr. Abayomi Nurain Mumuni, has come out in support of President Bola Tinubu’s proposed tax reform initiative.
According to Mumuni, the reform is designed to increase revenue generation and create more employment opportunities across Nigeria.
Mumuni expressed confidence that the four tax reform bills recently submitted to the National Assembly would enhance the country’s fiscal framework and promote economic growth.
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He emphasized that the tax reform aims to broaden the tax base, improve compliance, and increase government revenue for public services and infrastructure.
The APC chieftain also highlighted the potential benefits of the reform, including encouraging investments, reducing reliance on oil revenues, and promoting diversification into sectors like agriculture, technology, and manufacturing.
He noted that a more transparent and predictable tax system would make Nigeria more attractive to foreign investors, fostering economic growth.
Mumuni also pointed out that the reform could lead to job creation, reducing unemployment and poverty levels. With higher tax revenue, the government can better fund essential services such as education, healthcare, and infrastructure development.
The proposed tax reform bills have sparked controversy, with some governors and traditional rulers rejecting the bill, citing that it does not align with the interests of their states.