The Nigerian Governors Forum (NGF) has given its approval to President Bola Tinubu’s proposed tax reforms, currently awaiting consideration by the National Assembly.
As part of their endorsement, the governors suggested a revised Value-Added Tax (VAT) sharing arrangement, allocating 50% of the revenue for equity, 30% based on derivation, and 20% tied to consumption tax.
In a consultative meeting on Thursday with Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, the governors emphasized the importance of keeping the VAT rate unchanged and advocated for a reduction in Corporate Income Tax (CIT) to foster economic stability.
More details to follow…
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