The National Economic Council (NEC) of Nigeria has recently called for the withdrawal of the Tax Reform Bill currently under consideration in the National Assembly. This decision was made during a meeting chaired by Vice President Kashim Shettima, where state governors expressed concerns regarding the bill’s implications and the need for broader consultations with stakeholders.

The NEC unanimously recommended that the Tax Reform Bill be withdrawn to allow for more extensive discussions among stakeholders, including state governors. Oyo State Governor Seyi Makinde emphasized the importance of aligning the proposed reforms with the interests of all Nigerians to avoid miscommunication and misinformation about the tax reforms

The call for withdrawal follows significant opposition from the Northern Governors’ Forum, which had previously rejected aspects of the bill, particularly regarding the Value Added Tax (VAT) sharing formula. They argued that the current proposals could disadvantage their regions and called for fairness in tax policies

In addition to the tax reform discussions, the NEC declared the recent flooding across Nigeria a national emergency. The floods have severely impacted 34 states, displacing over 740,000 people and resulting in significant loss of life and property. The NEC has directed the Ministry of Water Resources and Sanitation to conduct a comprehensive review of the country’s waterways and dams to mitigate future flooding risks

This dual focus on tax reform and emergency response highlights the NEC’s commitment to addressing both economic and humanitarian challenges facing Nigeria.