Minister says Tinubu’s tax reform will transform economy

Sen. John Uwan-Enoh, Minister of State for Industry, has stated that the tax reform bills aimed at transforming the economy of Nigeria positively.

Owan-Enoh made the remarks on Thursday during an interaction with newsmen in his country home, Etung, in Etung Local Government Area of Cross River.

He commended President Bola Tinubu for the bills and said that the reform would benefit the industrial sector greatly.

The minister reminded Nigerians of the President’s promise of a $1 trillion economy, saying that the reform was part of what was needed to achieve the feat.

He said that many Nigerians reacted promptly against the bills without looking at the contents which resulted in the initial calls for their withdrawal.

He expressed happiness that those who called for the withdrawal later understood the reform and supported the bills.

He stated that Mr Taiwo Oyedele, Chairman, Presidential Fiscal Policy and Tax Reforms Committee, who was behind the bills, had been up to the task with facts and figures.

Owan-Enoh, however, urged the Nigerian to support the bills in order to contribute to passing them into law.

It was reported that the tax reform bills, in the last few weeks, generated a heated debate in the area of regional disparities, economic challenges, and legal considerations.

The four bills which were transmitted to the National Assembly in October are the Nigeria Tax Bill 2024, and the Nigeria Tax Bill administration Bill.

Others are the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill.