The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has denied opposing the four tax reform bills, which are currently before the National Assembly.
Mohammed Bello Shehu, Chairman, RMAFC gave the clarification in Abuja at a press conference, adding that the position paper of the commission on the reform bills sent to the National Assembly was misinterpreted by a section of the media, who reported that the RMAFC is against the bills.
According to him, “The bill for some reason, has sparked intense debates within the last few weeks, with the contentious issue of Value Added Tax (VAT) allocation and derivation taking centre stage and we have drafted a comprehensive memorandum outlining our position, which emphasises adherence to global best practices and our stance aligns seamlessly with Mr. President’s vision for a more equitable and sustainable fiscal framework.
“The proposed tax reform bills are a significant step towards integrating untapped revenue sources, enhancing Nigeria’s revenue-to-GDP ratio, and positioning the country favourably among nations with high fiscal performance,” he said.
Shehu urged the public to disregard the reports and rely solely on official documents and statements, adding that these inaccurate statements can undermine the ongoing efforts of patriotic Nigerians who are tirelessly working to support the president in achieving his vision for the country.
Fiscal Responsibility Commission backs tax reform bills
Meanwhile, the Fiscal Responsibility Commission (FRC) has expressed strong support for the Tax Reform Bills currently before the National Assembly.
In a statement, it said the bills, which were developed by the Presidential Fiscal Policy and Tax Reforms Committee, aim to improve fiscal governance, transform public revenue architecture and boost economic growth.
The Chairman of the Commission, Victor Muruako, made this known at an interaction with academics and journalists at the sidelines of the Fellowship Lecture and Investiture Ceremony of the Capital Market Academics of Nigeria (CMAN), which was held on 9th December 2024 at the NDIC Academy.
He revealed that a critical analysis of the bills by the Fiscal Responsibility Commission has found them as not containing any issue or item that could be said to be skewed to favour any region or section of the Country.Fire insurance
“The bills rather create a more equitable distribution of resources amongst Nigeria’s federating states,” Mr Muruako added. He averred that his commission’s analyses also confirm that the proposed reforms are designed to benefit all Nigerians, particularly low-income earners and Micro Small and Medium Businesses (MSMBs).”
