The 36 state governors of Nigeria came together in Abuja under the Nigeria Governors’ Forum (NGF) to discuss important issues like tax reforms and other pressing national matters.
Highlights from the NGF Meeting:
Chairperson: Governor AbdulRahman AbdulRazaq of Kwara led the meeting.
Attendees: Governors from various states, including Oyo, Anambra, Bauchi, Jigawa, Lagos, Ogun, Abia, Ebonyi, Bayelsa, and Akwa Ibom, took part, along with the deputy governors of Kaduna and Zamfara.
Legislative Participation: Speakers from the State Houses of Assembly were also present.
During a previous meeting on January 17 with the Presidential Committee on Fiscal and Tax Reforms, the NGF agreed on a new Value Added Tax (VAT) sharing formula. This new plan allocates 50% of the VAT equally among the states, 30% based on where the resources come from (derivation), and 20% based on population.
Additionally, on Wednesday, the Federal Government inaugurated 50 new Tax Appeal Commissioners to promote economic reforms and improve revenue collection. The Minister of Finance, Mr. Wale Edun, emphasized how crucial these commissioners will be in enhancing tax collection efforts.
The Tax Appeal Tribunal (TAT) is vital for resolving tax disputes fairly, which in turn encourages investment and creates a more business-friendly environment in Nigeria. With ongoing tax reforms and strategies to boost revenue, the Nigerian government is committed to strengthening economic stability and building a more efficient tax system.
