Tax Reform Bills Passage Will Benefit Nigeria—Oyedele

He made this disclosure while speaking at a Townhall on the Tax Reform Bills organized by Channels Television on Monday, as part of efforts to clarify controversies around the bill.

President Bola Tinubu in September transmitted four tax bills to the parliament for approval. These are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

The bills have generated controversies since they were forwarded to the legislative arm of the government, where it is currently at the second reading at the Senate.

Mr Oyedele, whose committee drafted the document, noted that there are over 200 transformative provisions that can fix the country in the bills.

“These bills have more than 200 transformative provisions to fix our country and set us on the right path to prosperity,” Mr Oyedele said.

“We should not allow one or two provisions that we can easily discuss and agree on to become the pain or the bottleneck.”

He reiterated that the areas where there are controversies are few which can be ironed out, and said that the bills have considerable support and will better the lives of Nigerians.

Reeling out some of the benefits of the bills, he said they will exempt low-income earners completely from paying taxes.

He also said it will also reduce the Pay-As-You-Earn (PAYE) of middle-income earners.

He also examined how states will benefit from VAT distribution to service those who need it more.

Many quarters have been divided over the submission of the bills, particularly Northern statesmen who have since advised Mr Tinubu to hold on before pushing the controversial tax reform bills, claiming it will not favour the region.

Afenifere, a pan-Yoruba socio-political organisation, on its part on Monday, declared its support for the bills, saying it will create a fiscal system that promotes revenue generation at the federal and state governments.