Adebayo Faults New Tax Law

Presidential candidate of Social Democratic Party (SDP) in 2023, Adewole Adebayo, has criticised new Tax Law, describing it as “a bad, unjust and impractical law” that will worsen economic hardship and undermine constitutional governance.

Speaking during an interview on the sidelines of the Adebayo National Marathon, Adebayo said the tax reform is not designed to stimulate the economy or improve public welfare, but rather to centralise fiscal power and expand what he called “economic singularity” under the current administration.

According to Adebayo, taxation has a clear philosophical purpose which the proposed law fails to meet.

“Taxation must do four things,” he said. “It must stimulate the economy, distribute resources fairly, generate sustainable revenue in the long run, and be transparent and easy to understand.”

He argued that the proposed tax law violates all four principles. Instead of encouraging productivity, Adebayo said the law has created fear among small traders, artisans and ordinary Nigerians who are now worried about arbitrary bank deductions, seizures, and complex compliance requirements.

“You cannot have a tax law that makes a market woman think she needs to hire a lawyer,” he said. “That is not taxation; that is intimidation.”

Adebayo also raised serious concerns about the legislative integrity of the tax reform, alleging that provisions currently circulating were not part of what the National Assembly debated or approved.

“If members of the National Assembly are saying the version being circulated is not what they passed, then we are dealing with a potential criminal violation,” he stated.

“You cannot smuggle clauses into law in a democracy.”

He warned that implementing such a law would amount to legislative treason and could further erode public trust in governance.

In his New Year message yesterday, Kachikwu expressed concern that, “Today, many of our brothers and sisters find it increasingly difficult to clutch at the straw of hope. Through no fault of theirs, life has become more precarious in our nation as the toll of economic reforms and insecurity increases”.

Kachikwu likened the suffering of Nigerians to that of the Israelites in Egypt under Pharaoh, asking if President Tinubu wanted to be remembered as the president who precipitated an Exodus from Nigeria.

He urged the president to prioritise the welfare of Nigerians, saying, “What our president owes our struggling masses is care, compassion, and support, and not anything that will further compound their misery in this new year.”

Kachikwu, who supported some of the president’s initiatives, expressed reservations about the proposed tax reforms, saying they would further erode the ranks of the Nigerian middle-class and lead to a crisis of unprecedented proportions.

He wished Nigerians a hopeful, happy, and prosperous new year, saying, “We all need our hopes to be kept alive in the year 2026”