Bagudu: Tinubu’s Tax Reforms Aimed at Job Creation, Economic Growth
Story/Photo Credit: arise.tv
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said contrary to speculations, the tax reform effort of the President Bola Tinubuadministration seeks to stimulate economic activities and generate jobs for Nigerians.
Arise.tv reported that Bagugu while speaking with journalists on the side-lines of the 2024 Annual Retreat of the Bankers’ Committee in Abuja over the weekend, said Tinubu remained committed to entrenching the principle of equality in all parts of the country. He added that there was currently no legislation or action under Tinubu that was designed to be detrimental to any part of the country.
The minister said tax legislation was a major issue in economic development globally, stating that the current tax debate is not limited to Nigeria.
He said the amendment bills sought to simplify the business environment by addressing the multiplicity of taxes and introducing equity and fairness in the distribution of Value-Added Tax (VAT) among the states.
He said that while every Nigerian had a right to seek answers and participate in the ongoing debate on the tax amendment bills currently before the National Assembly.
Bagudu, however, stated that such arguments should be objective and not centredon religion, tribalism, or sentiments.
He stressed that the Tinubu administration was committed to ensuring that Nigeria took a place of pride in the comity of nations.
He said, “We are doing infrastructure works that show the kind of commitment the president has for Nigeria. He is supporting different states in their various quests to develop.
“President Tinubu has also requested all state governors to give him what can be done more in their states so that more economic activity can be generated.
“Some of the reform initiatives, energy transition, for example, is for all parts of Nigeria. Security – the additional investment in security is for everyone in Nigeria.”
Bagudu added, “We can debate about argument. But what is wrong is for us, given the great effort to put our economy in the right direction, to be swayed by arguments of tribalism, religion, and sentiments.
We have a president who believes in Nigeria, who is a committed democrat, so he understands that people have the right to debate.
“But what is annoying is when people, to make a point, resort to sentiments that can weaken our federation.
“Because one of the intended benefits of this tax legislation is to simplify tax compliance for small, small companies.
“And we have been investing in MSMEs. We have been investing in nano-credits. We want them to be the engines of growth.”
Bagudu insisted the government could not undertake any measures to deliberately undermine the economy.
