FAST DOWNLOAD
Tax reform bills: North is Nigeria’s asset, not its liability — Ndume
In a statement issued over the weekend, Ndume again criticised the timing and scope of the bills, arguing that they disproportionately target low- and middle-income Nigerians, who are already bearing the brunt of the current administration’s economic policies.
He said, “The North was, is, and will never be a parasite or dependent on any region or even the country. We are assets, not liabilities, to Nigeria. Those who think that the current tax reforms are only against Northern interests are naive. As it is, the law is against all low- and middle-income Nigerians.”
Ndume called for the withdrawal of the Tax Reform Bills, emphasising the need for broader consultations and greater stakeholder involvement. He also advised the Federal Inland Revenue Service (FIRS) to focus on expanding the tax net and improving accountability and transparency.
“The FIRS should concentrate on expanding the tax net and collecting more. Also, accountability and transparency should be increased,” he said.
The senator further urged the Central Bank of Nigeria (CBN) to scrutinise commercial banks, arguing that their substantial yearly profits warrant higher tax contributions.
Ndume highlighted the importance of prioritising governance reforms over tax reforms, stating that the country’s current personnel and overhead expenditure consumes a significant portion of the budget.
“Yes, reform. But even with reforms, you have to prioritise, time it correctly, and ensure the buy-in of Nigerians because this is a democracy. It is the government of the people, for the people, and by the people,” he said.
He added, “Our personnel and overhead expenditure for 2024 is about 50 to 60 per cent of the budget itself. We are here in November, and 20 per cent of the budget has not been implemented. But if you check the recurrent expenditure, it has already been exhausted.
“So, that means over 15 to 20 trillion naira is going into personnel, debt servicing, and recurrent expenditure. We should reform the government, not only the Executive – we need to reform the government holistically.”
