…kicks against current Tax Reform Bill.
by Christiana Gokyo, Jos
The National Economic Council (NEC) on Thursday held its (NEC) 145 meeting in Abuja. During the meeting, the Council recommended the withdrawal of the current Tax Reform Bill from the National Assembly – to pave the way for “more comprehensive consultation and consensus-building” among key stakeholders.
Plateau State Governor, Barr. Caleb Manasseh Mutfwang, was represented at the meeting by the Deputy Governor, Hon. Mrs Josephine Piyo.
A statement signed by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications of the Office of the Vice President, stated that, “After a closed-door session with State Governors and the Governor, Central Bank of Nigeria, said, based on the recommendation in response to a presentation by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, the Council called for more extensive consultation with stakeholders to align on the far-reaching impacts of the proposed tax reforms.
The Vice President, Kashim Shettima, Chairman of NEC, during the meeting stated that, ‘NEC will adopt measures to speed-up the decentralization of the national grid, in order to put an end to the incessant collapse that has plunged some states in the North into total darkness.
The VP listed some of the measures for the decentralization of the national grid to include the establishment of mini-grids, solar and renewable energy sources like solar photovoltaic and wind turbines.
The Vice President stressed the urgent need for the implementation of the Nigeria Energy Sector Implementation Plan (NESIP), emphasizing that the energy sector must embrace the potential of renewable energy, as well as leverage solar and mini-grid solutions designed to meet regional electricity demands.
He added that the tax reforms initiated by President Bola Ahmed Tinubu’s Renewed Hope Administration will broaden the nation’s revenue base, foster economic stability, and diminish dependency on specific sectors.
He said the reforms have opened avenues to address stakeholders’ concerns, particularly regarding VAT reform and its implications for sub-national revenues.
The Council addressed Nigeria’s flood crisis affecting 34 states, 217 local government areas, and over 1.3 million people. The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, reported 740,743 displaced individuals, 321 fatalities, and extensive property and farmland losses.
The Council also reviewed the World Bank-supported SOLID project, presented by the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu.
The project aims to bolster services and economic opportunities for IDPs and host communities in Northern Nigeria, including initiatives for sustainable livelihoods and resilient infrastructure.
NEC urged cooperation among states and the World Bank to ensure funds meet designated project goals.