The Lagos governor denied assertions that the state would be the main beneficiary of the proposed tax reformsSanwo-Olu highlighted that the reforms aim to benefit all states and improve governance, stressing the importance of addressing Nigeria’s low tax-to-GDP ratioSanwo-Olu reassured the public that the reforms are intended to create a fair system that supports everyone
Babajide Sanwo-Olu, the governor of Lagos state, has denied assertions that Lagos will be the primary beneficiary of the proposed tax reforms, which include changes to the value-added tax (VAT) sharing model.
Furthermore, Sanwo-Olu emphasized that Nigerians need to fully understand the reforms’ details before jumping to conclusions.
Sanwo-Olu makes certain clarifications on Tinubu’s tax reform bills
Photo credit: @jidesanwoolu
Source: Twitter
The governor made these clarifications in an interview with NAN during the Africa Investment Forum Market Days 2024 in Morocco.
Recallt that Governor Babagana Zulum of Borno state had claimed on December 2 that the new VAT sharing structure would mainly favor Lagos and Rivers states, The Cable reported.
Read also
New minimum wage implementation: Labour leader speaks on possibility of nationwide strike
Responding to this, Sanwo-Olu said such claims were incorrect, stressing that while Lagos might experience some disadvantages in certain areas, the reforms are intended to benefit all states and foster improved governance.
“You cannot make changes if the reforms are not set in. I have advised that people should take time to read the provisions of the reform very well and to fully understand what they’re trying to do,” Sanwo-Olu said.
Reforms aim to uplift all sectors, says Sanwo-Olu
Sanwo-Olu reiterated that while Lagos might face challenges, the larger vision of the tax reforms is to create a fair and inclusive system, Arise TV reported.
He noted that the low tax-to-GDP ratio in Nigeria remains one of the lowest in the world, highlighting the urgent need for these changes.
“I have a positive attitude to it. I see it as a very wonderful reform. Tax-to-GDP ratio in Nigeria is one of the lowest in the world.
Read also
Tax reform: Presidency allays fears as northern leaders move against bills
*“There are a few things that need to happen, and like I keep saying, not only when you make those changes, you will not be able to see the opportunities that are found in your account,” he said.
Sanwo-Olu expressed optimism that the reforms would unlock significant opportunities for all states and non-governmental actors.
He assured Nigerians that the goal of the reforms was not to disadvantage any group but to create a fairer system that benefits everyone.
“The intention is to better a lot, but not just better a lot of one person or one set of people. It’s for all of us, and so we should look at it this way,” he concluded.
Presidency reels out benefits of tax reforms
Meanwhile, Henzodaily.ng reported that President Bola Tinubu’s Special Adviser on Public Communication and Orientation, Sunday Dare, has shed light on the motives behind the tax reform bills submitted to the National Assembly.
Read also
How Tinubu’s tax reform bills will end elites’ financial recklessness, Bishop Kukah explains
Dare emphasized that the reforms aim to create a more efficient tax system to drive national development.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Henzodaily.ng