“Nigeria can’t afford more delays” – Presidency gives urgent update on tax reform bill

In response to growing criticisms, the Nigerian Presidency has clarified its stance on the Tax Reform Bills currently before the National Assembly.

Temitope Ajayi, Senior Special Assistant to President Bola Tinubu on Media and Publicity, in a post on X, stated that the bills are the product of 14 months of extensive work by over 80 professionals from diverse sectors across Nigeria.

Ajayi dismissed claims that the bills are being rushed for ulterior motives, calling such accusations “disingenuous.”

He pointed to the example of the delayed Petroleum Industry Bill (PIB), which took over 20 years to pass, which he said resulted in significant losses in revenue, investments, and jobs.

Ajayi also stressed that Nigeria could not afford a repeat of that delay witnessed in the PIB era.

His words: “It is very disingenuous to say that the Tax Reform Bills that are product of 14 months of extensive work by over 80 professionals drawn from every part of the country, across various professions and sectors of the economy are being rushed through the National Assembly for ulterior motive.

“The suggestion that it took Petroleum Industry Bill (PIB) over 20 to get through the parliament is backward thinking.

“Nigeria lost too much for the failure to pass the PIB on time in terms of revenue, investments and jobs in the Oil & Gas sector. We should not wait for another 20 years to do what is right for our country.”