The Presidency has dispelled concerns about the speed of coming up with the Tax Reform Bills, emphasising the extensive efforts that have gone into the process.
Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, highlighted on Monday via X that the reforms are the result of contributions from over 80 professionals over a 14-month period, warning that any delay in their passage could mirror the protracted 20-year legislative journey of the Petroleum Industry Bill.
According to Ajayi, postponing the tax reforms would be a costly mistake the nation cannot afford.
“It is very disingenuous to say that the Tax Reform Bills, the product of 14 months of extensive work by over 80 professionals drawn from every part of the country, are being rushed through the National Assembly,” Ajayi said.
“The suggestion that it took the PIB over 20 years to get through the parliament is backward thinking. Nigeria lost too much for the failure to pass the PIB on time in terms of revenue, investments, and jobs in the oil & gas sector.”
He revealed these alongside a 14-month timeline of how the tax reform bills came to be.
Here is an image of itemised details of groups, dates, and time involved in the build-up to the bill:
Zulum’s view
Meanwhile, TheNigerian Online had earlier reported that the Borno State Governor, Babagana Zulum, warned that the bill could have devastating consequences for the Northern region and other parts of the country.
In an interview with BBC Hausa on Friday, Zulum criticised the speed with which the bill is progressing through the legislative process, drawing comparisons to the Petroleum Industry Bill, which took nearly two decades to pass.
“Why the rush? The Petroleum Industry Bill took almost 20 years before it was finally passed. But this tax reform bill is being transmitted and receiving legislative attention within a week. It should be treated carefully and with caution so that even after our exit, our children will reap its benefits,” Zulum stated.
Zulum, however, also insisted that if the four tax bills currently undergoing review before the Green Chamber are passed into law, only one of the 36 states—Lagos—will be the major beneficiary.
PIB’s two-decade journey
According to Ajayi, the PIB’s two-decade journey through Nigeria’s legislature is a cautionary tale of missed opportunities and economic stagnation.
Political gridlock, regional disagreements, and a lack of urgency kept the bill in limbo, causing Nigeria to fall behind in attracting global investments to its oil and gas sector.
Ajayi emphasised the high cost of that delay, noting how Nigeria’s inability to modernise its oil laws crippled revenue streams, limited job creation, and weakened the country’s fiscal position.
“We should not wait for another 20 years to do what is right for our country,” he warned.
14 months of job
Unlike the PIB, the Tax Reform Bills were crafted through a rigorous 14-month process involving more than 80 experts from across Nigeria’s diverse regions and sectors. Ajayi noted in the tweet now reshared by Bayo Onanuga.
Ajayi dismissed claims that the bills are being rushed or pushed for ulterior motives, insisting that the reforms are essential to Nigeria’s economic stability and growth.
The stakes couldn’t be higher. With dwindling oil revenues and a growing debt burden, Nigeria must diversify its economy and improve its tax system to fund critical public services. Any delay, Ajayi cautioned, would jeopardise the country’s economic future.
“The most important thing is to be upright in your decision, transparent, and accountable,” Ajayi stressed.
He urged lawmakers to act swiftly, putting national interests above political differences.
