Makinde stated that the council acknowledged the country’s underperformance in major revenue sources.

The National Economic Council (NEC) has advised that the Tax Reforms Bill, currently before the National Assembly, be withdrawn.

This recommendation was made on Thursday, following the council’s 145th meeting in Abuja.

Governor Seyi Makinde of Oyo State explained that the NEC noted the need for sufficient alignment among stakeholders regarding the proposed tax reforms.

He cited the prevalence of miscommunication and misinformation surrounding the bill, emphasising the need for wider consultation and consensus building.

Makinde stated that the council acknowledged the country’s underperformance in major revenue sources.

He said that the council also considered the Presidential Committee on Physical Policy and Tax Reforms presentation of a report focusing on fair taxation, responsible borrowing, and sustainable spending.

Governor Umara Zulum of Borno also affirmed the council’s advice to withdraw the bill to allow for consensus building.

The News Agency of Nigeria (NAN) reports that the Tax Reforms Bill, endorsed by President Bola Tinubu and the Federal Executive Council, aimed to enhance Nigeria’s tax administration efficiency and eliminate redundancies.