The Nigeria Governors Forum (NGF) has expressed support for the proposed tax reform bills currently being deliberated at the National Assembly.
The forum has also called for an “equitable” sharing formula for Value-Added Tax (VAT) to ensure fair distribution of resources among states.
In a statement issued on Thursday, the NGF revealed that the decision was reached after a meeting with the Presidential Tax Reform Committee on January 16, 2025.
The meeting addressed critical national issues, including the ongoing efforts to reform Nigeria’s fiscal policies and tax system.
The NGF acknowledged the need for an overhauled tax system to enhance revenue generation and promote economic stability.
The forum emphasized the importance of a fair VAT-sharing formula that considers all states’ economic realities and developmental needs.
The statement reads, “We, members of the Nigeria Governors’ Forum (NGF) and presidential tax reform committee, convened on the 16th of January 2025 to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system, and arrived at the following resolutions:
“The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.
“The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources:
