Tinubu Vows Not To Increase Taxes On Burdened Nigerians
President Bola Tinubu has reassured Nigerians that his administration will not increase the tax burden on citizens, who are already grappling with economic hardships. This commitment comes amidst ongoing tax reform efforts aimed at reshaping Nigeria's fiscal framework. The President emphasized that his administration is committed to prioritizing social investment programs and providing social safety nets to cushion the unintended consequences of economic reforms.
According to Tinubu, the current tax reform bills before the National Assembly are designed to stimulate economic growth, rather than impose additional financial strain on Nigerians. The proposed tax bill has sparked controversy, with some governors and traditional rulers from Northern Nigerian states rejecting the bill, citing concerns that it does not align with the interests of the North and other sub-national entities.
Despite these concerns, the Tinubu administration remains committed to its promise of not increasing taxes on Nigerians. Instead, the government is exploring alternative revenue sources, such as the proposed 5% excise duty on telecommunications services and a 5% excise tax on lottery and gaming income. These measures are expected to generate significant revenue for the government without placing an additional burden on citizens.
The President's commitment to not raising taxes on Nigerians is a welcome relief for citizens who are already struggling to make ends meet. The economic situation in Nigeria has been challenging, with many citizens facing difficulties in accessing basic necessities like food, shelter, and healthcare. In this context, the government's decision to not increase taxes is a crucial step towards alleviating the financial burden on citizens.
In a bid to improve the tax system's efficiency, the government plans to reduce the number of taxes and levies while harmonizing revenue collection. This move is expected to simplify the tax system, reduce compliance costs, and promote economic growth. The government also plans to increase transparency and accountability in tax collection, ensuring that citizens' hard-earned money is utilized effectively for public goods and services.
The tax reform efforts are part of the government's broader strategy to stimulate economic growth, reduce poverty, and improve the overall well-being of citizens. By prioritizing the needs of Nigerians and promoting economic growth, the Tinubu administration can help create a more prosperous and equitable society for all.
The government's commitment to not increasing taxes on Nigerians has been welcomed by various stakeholders, including civil society organizations, trade unions, and business leaders. These stakeholders have emphasized the need for a fair and equitable tax system that promotes economic growth and reduces poverty.
As the government continues to navigate the complex process of tax reform, it is essential that the needs and concerns of Nigerians remain at the forefront of the decision-making process. By engaging with citizens, civil society organizations, and other stakeholders, the government can ensure that the tax reform efforts are inclusive, equitable, and responsive to the needs off all Nigerians.
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