The Coalition of Arewa Groups, comprising 300 organizations in the 19 northern states is backing President Bola Tinubu’s tax reform bills before the National Assembly.

In a statement by Usman Abubakar and Obadiah Amos on Sunday, the group commended Tinubu’s vision to reshape Nigeria’s fiscal framework, promoting economic growth and sustainability. It also applauded the Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji for clarifying the bills’ details through media engagements.

The group urged the National Assembly to expedite the passage of the Nigeria Tax Bill 2024, ensuring timely implementation. It said: “After thorough examination and exhaustive consideration, we unequivocally endorse the proposed legislation.

“Our endorsement is premised on the understanding that the tax bills are designed to consolidate taxation frameworks, promote economic growth, and ensure sustainability.

“The Presidential Committee on Fiscal and Tax reforms, headed by Taiwo Oyedele, has presented a comprehensive bill to the Federal Executive Council. This bill aims to harmonize multiple taxes and levies, unify revenue collection functions, and modernize the tax system.

We commend President Tinubu’s vision to reshape Nigeria’s fiscal framework. “Key provisions of the bill include a gradual increase in Value Added Tax (VAT) from 7.5 per cent to 15 per cent by 2030. Company Income Tax will be set at 27.5 per cent for large companies, reducing to 25 per cent from 2026.”