Exploring the Asset Value of Northern Nigeria in Upcoming Tax Reform Bills
Senator Ali Ndume, representing Borno South, has expressed strong opposition to the proposed tax reform bills, asserting that the northern region is an asset, not a liability, to Nigeria.
Ndume criticized the timing and scope of the bills, arguing that they disproportionately target low- and middle-income Nigerians, exacerbating existing economic hardships.
He emphasized that the North has never been parasitic or dependent on any region, stating, “We are assets, not liabilities, to Nigeria.”
The senator called for the withdrawal of the tax reform bills to allow for broader consultations and greater stakeholder involvement.
He advised the Federal Inland Revenue Service (FIRS) to focus on expanding the tax net and improving accountability and transparency in tax collection.
Ndume also urged the Central Bank of Nigeria (CBN) to scrutinize commercial banks, noting that their substantial yearly profits warrant higher tax contributions.
He highlighted the importance of prioritizing governance reforms over tax reforms, pointing out that the country’s current personnel and overhead expenditures consume a significant portion of the budget.
Ndume’s stance reflects a broader concern among northern leaders that the proposed tax reforms could exacerbate regional economic disparities, particularly in light of the North’s existing developmental challenges.