Northern group says tax reform bills will unlock region’s economic potential

A group known as the Northern Union says the tax reform bills will unlock the region’s economic potential.

After a public hearing on the tax reform bills organised by the senate on Monday, Adamu Garuba, the group’s president, said the proposed legislation would streamline tax administration, reduce compliance costs, and promote investment in key sectors.

“The benefits of the tax reform bills to the north are numerous. A simplified tax system will attract investments, create jobs, and stimulate economic growth,” Garuba said.

“The reduction in compliance costs will ease the burden on taxpayers, enabling them to invest in their businesses and communities.

“Additionally, the increased revenue generated from the reforms will enable governments to fund critical infrastructure projects and social programmes.

“The tax reform bills will also promote fairness and equity in the tax system, eliminating multiple taxation and reducing the tax burden on low-income earners.

“This will promote social justice and reduce poverty in the region. Furthermore, the reforms will promote transparency and accountability in the tax system, building trust between governments and the people.

“A simplified tax system will attract investments, create jobs, and stimulate economic growth in the region. This, in turn, will lead to increased economic activity, improved living standards, and reduced poverty levels.

“As the north is a significant contributor to Nigeria’s economy, the benefits of the tax reform bills will be felt across the country.

“The reduction in compliance costs will also ease the burden on taxpayers in the north, enabling them to invest in their businesses and communities.

“This will be particularly beneficial for small and medium-sized enterprises (SMEs), which are the backbone of the northern economy.

“By reducing the tax burden on SMEs, the tax reform bills will promote entrepreneurship, innovation, and job creation in the region.

“The increased revenue generated from the reforms will also enable governments in the north to fund critical infrastructure projects and social programmes.

“This will help to address the region’s developmental challenges, such as inadequate healthcare, education, and transportation infrastructure.

“By investing in these critical areas, the North will be better equipped to unlock its economic potential and improve the lives of its people.

“We must work together to ensure that these reforms are passed into law and implemented effectively. We also call on our lawmakers to expedite the passage of the tax reform bills.

“We urge them to put aside their differences and work together to pass these critical reforms. The fate of our region and our people depends on it.”

Garuba urged northerners to support the bills, noting that they are in the best interest of the region and will promote economic growth.

The four tax bills—the Nigeria tax bill, the tax administration bill, the joint revenue board establishment bill, and the Nigeria revenue service bill—have scaled the second reading at the senate and house of representatives.