The Fiscal Responsibility Commission (FRC) has expressed strong support for the proposed Tax Reform Bill under consideration.
Bede Ogueri Anyanwu, FRC’s Head of Strategic Communications, described the bill as crucial for Nigeria’s economic transformation.
According to him, Victor Muruako, FRC’s chairman, believes the bill promotes fiscal responsibility and strengthens Nigeria’s economic foundation.
Muruako emphasized the alignment of the proposed bill with the Fiscal Responsibility Act, 2007, ensuring fiscal policy transparency.
He stressed diversifying revenue sources, reducing oil dependence, and promoting fiscal transparency to prevent unsustainable government expenditures.
Muruako added that a simplified, predictable tax system would encourage investments, stimulate growth, and enhance Nigeria’s fiscal resilience.
Additionally, the FRC urged lawmakers to modernize tax operations, improving efficiency and eliminating bureaucratic hurdles slowing tax administration.
The commission also emphasized providing robust support for MSMEs through targeted tax incentives to stimulate business growth.
Equity in taxation remains vital, ensuring no sector of the economy faces unfair or excessive tax burdens.
It further recommended strengthening compliance frameworks and enforcement measures to curb tax evasion and improve revenue collection.
The FRC called for fair revenue distribution among federal, state, and local governments to sustain national development.
The commission asserted that successful reforms would create an equitable, efficient, and business-friendly tax environment nationwide.
Such reforms, it stated, will generate stable government revenue, fostering long-term economic growth and fiscal sustainability across Nigeria.
The FRC pledged ongoing collaboration with stakeholders, ensuring tax policies stimulate economic progress and transparency nationwide.
These strategic recommendations, the commission believes, will reposition Nigeria’s economy for sustainable growth and global competitiveness.
