Borno South Senator Ali Ndume Has Expressed Strong Opposition To President Bola Tinubu’s Proposed Tax Reform Bills, Citing Concerns About Their Timing And Impact On Low- And Middle-Income Nigerians Already Burdened By Economic Policies. While The Legislation Aims To Revamp Nigeria’s Tax Collection System, Introduce Exemptions For Small Businesses, And Adjust The VAT Revenue-Sharing Formula, Ndume Argues That The Reforms Disproportionately Target Vulnerable Groups And Fail To Address Regional Economic Imbalances.
Ndume Emphasized That The North Is A Valuable Asset To The Country And Rejected Any Notion Of Dependency. He Called For The Withdrawal Of The Bills, Advocating For Broader Consultations And Increased Stakeholder Involvement. He Also Urged The Federal Inland Revenue Service (FIRS) To Focus On Expanding The Tax Net, Enhancing Transparency, And Ensuring Accountability. Additionally, He Advised The Central Bank Of Nigeria (CBN) To Scrutinize Commercial Banks, Suggesting Their Significant Profits Should Result In Higher Tax Contributions.
Highlighting Budgetary Concerns, Ndume Noted That Personnel, Debt Servicing, And Recurrent Expenditures Dominate The Nation’s Budget, With Over 15 To 20 Trillion Naira Allocated To These Areas. He Lamented That 20% Of The 2024 Budget Remains Unimplemented Due To Exhausted Recurrent Expenditure.
