Tax reform to ease burden on low-income earners

From Isaac Anumihe, Abuja

The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has said that the tax reform bill, recently passed into law, will bring relief to low-income earners.

Expressing appreciation to President Bola Ahmed Tinubu for the bold and transformative steps taken in reforming Nigeria’s fiscal landscape through the recent passage of the tax reform bills and the RMAFC bill, the chairman of the commission, Dr Mohammed Bello Shehu, noted the landmark legislative achievements by the president.

This, he said, not only underscores the administration’s dedication to enhancing transparency, accountability, and efficiency in revenue generation and allocation but also lays a solid foundation for sustainable economic growth and national development.

The commission assured the president of its continued support and steadfast collaboration in the implementation of these far-reaching reforms.

In a statement, the tax reform bills represent a milestone in the nation’s ongoing efforts to improve revenue generation, reduce dependence on oil revenue, and enhance economic diversification.

“By streamlining and modernising the tax framework, these reforms are expected to strengthen compliance, broaden the tax base, and stimulate inclusive economic growth across all sectors.

“We also acknowledge the tireless efforts of the members of the National Assembly, particularly the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas.

“Additionally, we appreciate the Attorney General of the Federation, Chief Lateef Olasunkanmi Fagbemi, along with policymakers and other stakeholders, who worked collaboratively to make this reform a reality,” he said.

According to the chairman, by signing the bills into law, Tinubu has not only demonstrated a strong commitment to the welfare of the citizens and the prosperity of the nation, but he has also proved beyond doubt that he understands the socio-economic situation of the nation.

“There is no doubt that the tax reforms will bring great relief to low-income earners who, until now, were compelled to pay taxes while struggling to survive on their meagre means of sustenance.

“In conclusion, I wish to sincerely commend the president for his visionary leadership and unwavering commitment to strengthening Nigeria’s fiscal framework, as demonstrated by the historic passage of the tax reform bills and the bill of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC),” Shehu said.