Tax Reform: Obi Calls for Transparency and Inclusivity

In a statement on Monday, through the Peter Obi Media office (POMR) titled: Tax Reform: Obi Insists on Transparency and says the focus should not only be on the Government as sole Beneficiary. The Diaspora Digital Media (DDM) has reported: That the leader of the Labour Party and 2023 Presidential Candidate, Peter Obi, has emphasized the need for transparency and inclusivity in the proposed tax reform of the federal government. In a statement released on Monday, Obi stressed that while tax reform is a critical issue, it must be done in a way that carries the populace along and does not solely benefit the government.

The statement signed by Ibrahim Umar (Wase), spokesman to the former Anambra state governor, read; Obi’s call for transparency and inclusivity comes at a time when the federal government is pushing to pass the tax reform bill. The bill, which aims to increase revenue collection, has been met with skepticism by many Nigerians who feel that it will disproportionately affect the poor and vulnerable.

Obi Calls for Transparency

According to Obi, “Tax reform is a critical issue, and there is nothing wrong with pursuing it. However, such reforms must be subject to robust public debate. A public hearing on tax reform is essential, allowing Nigerians from all walks of life to engage meaningfully.”

Obi also emphasized the need for extensive deliberation and careful consideration, stating that matters of this magnitude should never be rushed. He further stressed that public hearings must be conducted to allow for diverse opinions and inputs.

In addition, Obi pointed out that when considering tax reforms and similar issues, it is insufficient to focus solely on the benefits to the government. He emphasized that the overall impact on the nation and the sustainability of all its regions must also be taken into account.

Obi’s statement has been met with mixed reactions, with some praising his call for transparency and inclusivity, while others have criticized him for not providing alternative solutions.

In a similar vein, former Vice President Atiku Abubakar has also called for transparency and objectivity in the conduct of the public hearing on the tax reform bill. Atiku emphasized that the public hearing process must facilitate open and inclusive participation by all stakeholders.

The debate on the tax reform bill is expected to continue in the coming days, with many Nigerians eagerly awaiting the outcome. As Obi emphasized, “Let us prioritize transparency, deliberation, and public engagement in charting the path forward. This is how we build a truly participatory democracy”

The Tax Reform Bill: What You Need to Know

The tax reform bill, which is currently before the National Assembly, aims to increase revenue collection and promote economic growth. However, many Nigerians have expressed concerns that the bill will disproportionately affect the poor and vulnerable.

Some of the key provisions of the bill include:

Increase in Value Added Tax (VAT): The bill proposes an increase in VAT from 7.5% to 10%. This is expected to generate additional revenue for the government.

Introduction of a new tax on luxury goods: The bill proposes the introduction of a new tax on luxury goods, such as private jets and luxury cars.

Increase in company income tax: The bill proposes an increase in company income tax from 25% to 30%.

While the government has argued that the bill is necessary to promote economic growth and increase revenue collection, many Nigerians have expressed concerns that it will have a negative impact on the economy.

As the debate on the tax reform bill continues, it is clear that there are valid arguments on both sides. While the government has a responsibility to promote economic growth and increase revenue collection, it is also important to ensure that the bill does not disproportionately affect the poor and vulnerable.

Ultimately, the outcome of the debate on the tax reform bill will depend on the ability of the government to engage with stakeholders and address the concerns of Nigerians.

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