President Bola Tinubu has received the National Economic Council's recommendation that the tax reform bills already sent to the National Assembly be withdrawn for further consultation.

In a statement issued on Friday, Bayo Onanuga, Special Adviser to the President, Information & Strategy said president Tinubu commended the National Economic Council members, especially Vice President Kashim Shettima and the 36 State Governors, for their advice but believes that the legislative process, which has already begun, provides an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.

While urging the NEC to allow the process to take its full course, President Tinubu welcomes further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considers them for passage.

He said when President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, he had only one objective: to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive. This objective remains more critical even today than ever before.

He said the Committee worked for over a year and received inputs from various segments of society across the geopolitical zones, including trade associations, professional bodies, different Ministries and Government Agencies, Governors, traders, students, business owners, and the organised private sector.

Onanuga quoted the President as saying that the tax reform bills that emerged were distilled from the extensive work of the Presidential Committee which aims to streamline Nigeria’s tax administration processes, completely overhaul the nation’s tax operations, and align them with global best practices.