A chieftain of the ruling All Progressives Congress, APC, Dr Abayomi Nurain Mumuni has said the proposed tax reform introduced by President Bola Ahmed Tinubu has the potential to increase revenue generation and create more jobs in the country.
Mumuni made this declaration in a statement made available to Media Talk Africa on Tuesday through his Media Aide, Rasheed Abubakar.
Media Talk Africa reports that Tinubu had a week ago transmitted four tax reform bills to the National Assembly.
Mumuni in his reaction said the tax reform bills when passed into law will enhance the country’s fiscal framework and help to promote economic growth as well as other benefits.
Some of the benefits of the bills according to the APC chieftain include increased revenue generation, economic diversification, attraction of foreign exchange investment and improvement of public services.
The APC chieftain said, “The reform aims to broaden the tax base and improve compliance, leading to increased government revenue for public services and infrastructure. Economic Diversification. By encouraging investments and reducing reliance on oil revenues, the bill supports diversification into sectors like agriculture, technology, and manufacturing.
“A more transparent and predictable tax system can make Nigeria more attractive to foreign investors, fostering economic growth, increased business activity and investment can 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. Support for Small and Medium Enterprises (SMEs). The bill may include provisions to simplify tax processes for SMEs, encouraging entrepreneurship and innovation.
“Reforms could enhance the efficiency and effectiveness of tax collection mechanisms, reducing corruption and leakages. Fiscal Responsibility. Strengthening tax policies can promote fiscal discipline, helping the government manage its budgets more effectively.
“A reliable tax framework can contribute to overall economic stability, making Nigeria less vulnerable to external economic shocks. Promotion of Social Equity.
“Reformed tax policies can ensure that wealthier individuals and corporations contribute their fair share, promoting a more equitable society. Overall, these reforms aim to create a more favourable economic environment in Nigeria, benefiting both the government and its citizens”.
