President Bola Tinubu’s Tax Reform Bills have stirred debates in Nigeria, yet received backing from key stakeholders like the 36 State Governors and Yakubu Dogara, former Speaker of the House of Representatives. The Governor of Nasarawa State, Abdullahi Sule, indicated that had earlier clarifications been made, the governors might have supported these reforms sooner. Notably, the new formula for Value Added Tax (VAT) distribution aims for fairer revenue sharing by allocating 60% of VAT based on supply and consumption areas. This seeks to eliminate multiple taxation and enhance equity. Former Speaker Dogara highlights the bills’ potential to boost economic revival, particularly in Northern Nigeria through mineral and livestock industries. Despite initial concerns, the proposed reforms are seen as crucial for fostering shared prosperity.
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Question: Do you think the new VAT distribution formula will significantly impact regional economic disparities in Nigeria?
