Tinubu’s proposed legislation aims to overhaul the country’s tax collection and administration systems, presenting an opportunity to create a more equitable and efficient taxation model.
At the heart of the bill are transformative provisions, such as revisions to the Value Added Tax (VAT) revenue-sharing formula and exemptions for small businesses and the average Nigerians.
While these changes could potentially revitalize Nigeria’s economy, they also expose critical issues within the country’s federal structure, particularly the economic imbalances among regions (States and Local Government.
According to Ndume, the North is an asset and not a liability to Nigeria.
Ndume criticized the timing and scope of the bills, saying that they disproportionately target low- and middle-income Nigerians who are already suffering from President Bola Tinubu administration’s economic policies.
According to him, the North will never be a parasite or dependent on any region or even the country.
He explained, “As it is, the law is against all low- and middle-income Nigerians.”
Ndume called for the withdrawal of the tax reform bills, stressing the need for broader consultations and greater stakeholder involvement and advised the Federal Inland Revenue Service, FIRS, to focus on expanding the tax net and improving accountability and transparency.