The National Economic Council (NEC) has recommended the withdrawal of the current Tax Reform Bill from the National Assembly to pave way for wider consultation with stakeholders.
A statement by the Senior Special Assistant to Vice President on Media and Communications, Stanley Nkwocha said, the NEC’s recommendation was in response to a presentation by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele.
However, Vice President Kashim Shettima who presided over the meeting on Thursday at the Presidential Villa, Abuja, said the tax reforms initiated by President Bola Ahmed Tinubu’s Renewed Hope Administration would broaden the nation’s revenue base, foster economic stability, and diminish dependency on specific sectors.
“I must admit that the tax reforms initiated at the onset of this administration by His Excellency, President Bola Ahmed Tinubu, have opened avenues to address stakeholders’ concerns, particularly regarding VAT reform and its implications for sub-national revenues.
“As representatives of diverse interests, I have no doubt that you share a common aspiration: to broaden our revenue base, foster economic stability, and diminish our dependency on specific sectors,” he noted.
On Human Capital Index, VP Shettima cautioned that it is a tragedy that must be confronted following Nigeria’s low ranking.
“We grapple with alarming statistics related to life expectancy, maternal and child mortality, and educational attainment. We gather here today to redeem this dark reality through a series of deliberations and recommendations across various sectors, to be presented by participating specialists in government and by development partners,” he stated.
The VP further shed light on the progress made so far in the bid to mitigate flood disasters, noting that “the past few months have tested the durability of the solutions” implemented to advance flood resilience.
He continued: “Although the floods caught many of us off guard in various parts of the nation, our proactive mitigation efforts have inspired sustainable strategies to address the extensive damage caused, including significant property losses and health risks.
“I commend the Honourable Minister of Water Resources and the Director-General of National Emergency Management Agency (NEMA) for their foresight and swift action. Today invites us to reinforce our commitment to implementing approved mitigation measures, ensuring that states report their flood damages comprehensively, as outlined in our NEC Ad-hoc Committee report.”
In tandem with the tax reform discussions, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, briefed the Council on several key national accounts.
According to his report, the Excess Crude Account stands at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.
The Minister also updated NEC on current economic relief measures, with 25 million Nigerians benefitting from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives.
Mr Edun also announced a new government policy that would permit Nigerians who currently hold dollars outside the formal banking system to bring those funds into the financial system within a nine-month period, without facing any legal liability or financial penalties.
The Council addressed Nigeria’s flood crisis affecting 34 states, 217 local government areas, and over 1.3 million people. The Minister of Water Resources and Sanitation, Prof. Joseph Utsev reported 740,743 displaced individuals, 321 fatalities, and extensive property and farmland losses.
Council resolved that the Ministry of Water Resources conduct an integrity review of all waterways and dams across the country, urged state governments that have not done so to immediately submit their flood reports, that the Green Climate Fund should have an infrastructure resilience fund component, and that all MDAs should immediately implement flood resilience and adaptation mechanisms.
Council also reviewed the World Bank-supported SOLID project, presented by the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu.
The project aims to bolster services and economic opportunities for IDPs and host communities in northern Nigeria, including initiatives for sustainable livelihoods and resilient infrastructure.
NEC urged cooperation among states and the World Bank to ensure funds meet designated project goals.
