Tinubu’s Tax Reform Aimed At Increasing Revenue Generation, Creating More Jobs – APC Chieftain

A chieftain of the ruling All Progressives Congress, APC, Dr Abayomi Nurain Mumuni, has declared that the proposed tax reform introduced by President Bola Ahmed Tinubu is aimed at increasing revenue generation and creating more jobs in the country......Read The Full Article>>.....Read The Full Article>>

Mumuni made this declaration via a statement signed by his Media Aide, Rasheed Abubakar and made available to journalists on Tuesday.

Recall that Tinubu has few days ago transmitted four tax reform bills to the National Assembly.

Mumuni in his reaction said that the tax reform bills when passed into laws will enhance the country’s fiscal framework.

The APC chieftain while speaking, said that the laws will help to promote economic growth.

According to him, there are many benefits of the bills when passed into law.

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.

“Here are some potential benefits associated with the bill.

“Increased Revenue Generation. 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.

“Attracting Foreign Investment. A more transparent and predictable tax system can make Nigeria more attractive to foreign investors, fostering economic growth. Job Creation. Increased business activity and investment can lead to job creation, reducing unemployment and poverty levels.

“Improved Public Services. 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.

“Strengthened Tax Administration. 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.

“Enhanced Economic Stability. 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”.