Kaduna-based philanthropist Ambassador Yerima Usman Shettima has congratulated President Bola Ahmed Tinubu on his bold steps towards reforming the nation’s economy and signing the tax reform bill into law. He said it would benefit Nigerians and encourage foreigners to invest in the country.
He said the new law has laid a solid foundation to boost Nigeria’s economy by simplifying tax processes, expanding the tax base, and creating a more business-friendly environment for Nigerians and foreigners.
Shettima stated this in a statement issued and made available to newsmen yesterday in Kaduna, where he equally called on all the stakeholders, including the Federal Inland Revenue Service (FIRS) , to ensure transparency in implementing the new law in the interest of all.
Highlighting the benefits of the new tax reform law, he said that the reform would support small businesses, increase revenue generation, and simplify tax payments and the country’s socio-economic situation.
Shettima added that it is particularly significant that the law is focused on fair and equitable distribution of VAT revenue, enabling states to fund more projects independently.
“This law aims to overhaul the country’s tax collection and administration systems, presenting an opportunity to create a more equitable and efficient taxation model. At the heart of the bill are transformative provisions, such as revisions to the Value Added Tax (VAT) revenue-sharing formula and exemptions for small businesses and the average Nigerian.
“While these changes could potentially revitalize Nigeria’s economy, they also expose critical issues within the country’s federal structure, particularly the economic imbalances among regions (States and Local Governments),” Shettima explained.
While applauding the president in the statement, he further explained that: “With the enactment of these transformative tax laws, President Tinubu has once again demonstrated bold leadership and the political will to drive meaningful reforms that promote economic inclusion, reduce inequality, and spur growth”.
Ambassador Shettima, therefore, urged Nigerians to support the actualisation of the law, adding that it is a defining moment. President Tinubu has delivered the blueprint; now it is time for all stakeholders to ensure it works for the Nigerian people.”
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