“It Will Positively Affect The North” – Gov Sule Reveals New Proposed VAT Formula Accepted By Presidential Tax Committee

The Nasarawa State Governor, Abdullahi Sule, has disclosed that the Presidential Tax Committee has accepted the new proposed Value Added Tax (VAT) formula as recommended by the Nigeria Governors Forum (NGF).

Governor Sule also assured that the new Tax Reform Bills, as presented by the NGF, will positively affect the North.

According to him, the new VAT formula recommended by the governors and accepted by the Presidential Tax Committee is 50% based on equality, 30% based on derivation, and
20% based on population.

“The new tax reform bills as presented by the Nigeria Governors Forum today will positively affect the North,” he said.

Naijaonpoint reports the Nasarawa State Governor made the submission on Thursday during an interview appearance on Channels Television.

His declaration comes shortly after the Nigeria Governors’ Forum (NGF) expressed support for the proposed tax reform bills currently being deliberated at the National Assembly.

The forum has also called for an “equitable” sharing formula for Value-Added Tax (VAT) to ensure fair distribution of resources among states.

In a statement issued on Thursday, the NGF revealed that the decision was reached after a meeting with the Presidential Tax Reform Committee on January 16, 2025.

The meeting addressed critical national issues, including the ongoing efforts to reform Nigeria’s fiscal policies and tax system.

The NGF acknowledged the need for an overhauled tax system to enhance revenue generation and promote economic stability.