The 36 state governors, under the Nigeria Governors’ Forum (NGF), are currently meeting in Abuja to deliberate on tax reform and other critical national matters.
The meeting, chaired by the NGF’s Chairman, Gov. AbdulRahman AbdulRazaq of Kwara, sees the participation of governors from Oyo, Anambra, Bauchi, Jigawa, Lagos, Ogun, Abia, Ebonyi, Bayelsa, and Akwa Ibom. Deputy governors from Kaduna and Zamfara are also in attendance, alongside speakers from State Houses of Assembly.
One of the key outcomes from the NGF’s January 17 meeting with the Presidential Committee on Fiscal and Tax Reforms was their endorsement of a revised Value Added Tax (VAT) sharing formula. This formula allocates 50% based on equality, 30% on derivation, and 20% on population.
In a related development, the Federal Government recently inaugurated 50 newly appointed Tax Appeal Commissioners to support economic reforms and enhance revenue generation.
Speaking at the inauguration, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the importance of the Tax Appeal Tribunal (TAT) in promoting a fair tax dispute resolution process. “The role of the Tax Appeal Tribunal is vital in ensuring a fair and transparent tax system that fosters investment and creates a business-friendly environment,” Edun remarked.