Tax reforms initiated to benefit Nigerians not frustrate economy — Shettima


 Vice-President Kashim Shettima says tax reforms by the Bola Tinubu administration are meant to benefit all Nigerians and not frustrate the economy.


Shettima said this on Saturday in Abuja, at the close-out retreat of the presidential fiscal policy and tax reforms committee.


Shettima was represented at the event by Aliyu Umar, special adviser to the president on general duties in the office of the vice-president.


In a statement, Stanley Nkwocha, senior special assistant to the president on media and communications, office of the vice-president, quoted Shettima as saying that the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction Nigeria was headed.


 “Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment,” Shettima said.


The vice-president expressed confidence in the tax reforms committee’s ability to execute its mandate, noting the significant shift from planning to implementation.


He said federal and state governments are ready to facilitate the effective execution of the committee’s reforms.


He reiterated the government’s commitment to providing the institutional support needed to integrate these proposals with the administration’s broader economic strategy.


The Tinubu administration has unfurled a slew of reforms aimed at increasing government revenues and bolstering the economy.


Some of these reforms have worsened the economic hardship on Nigerians.


On May 6, the Central Bank of Nigeria (CBN) directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.


Recently, the CBN reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders.


While 2 percent is charged on deposits above N500,000 for individuals, 3 percent is charged for all deposits above N3 million for corporate account holders.

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