In a statement released by the Omoluabi Parapo Conservative Group to the press on Monday 4th 2024 , their spokesperson Aderonke Okeleye has voiced strong support for the restructuring initiatives recently introduced by President Bola Ahmed Tinubu, particularly in the areas of tax reform, local government autonomy, and the creation of regional commissions. The group advocates for these changes as vital steps toward reducing corruption, enhancing transparency, and relieving the economic strain on ordinary Nigerians.
The Omoluabi Parapo Conservative Group emphasizes that Nigerians are currently suffering due to the lack of government presence at the grassroots level, which has fostered inefficiency and corruption in the allocation of resources. “The existing system too often enables corruption, as resources are not delivered to the right channels,” Okeleye stated. “The president’s new tax reform policy will ensure transparency and accountability, providing Nigerians with a system that works in their favor rather than one that burdens them.”
The president’s tax reform, which addresses issues of multiple taxation, has been welcomed by the Omoluabi Parapo Conservative Group as a critical step to streamline Nigeria’s tax legislation. Currently, Nigeria’s tax framework is fragmented across numerous laws, including the Companies Income Tax Act, Personal Income Tax Act, Capital Gains Tax Act, and many others. “In enforcing these various tax laws, Nigerians experience unintended multiple taxation, which the new reform seeks to address,” Okeleye explained. “This legislation will simplify tax administration, ease the compliance burden on citizens, and improve the ease of doing business in Nigeria.”
One key issue addressed by the reform is the limitation of the term “Inland” in the Federal Inland Revenue Service (FIRS) Act of 2007, which restricts the agency’s mandate to interior tax collection only. With the Nigeria Revenue Service (NRS) Act replacing FIRS, the government can now tap into significant offshore revenue. Okeleye affirmed, “This change enables the country to fully benefit from offshore transactions, maximizing revenue collection for Nigeria’s growth.”
The group urges all Nigerians, especially leaders in the Northern region, to embrace these reforms, recognizing the interests of the people as paramount. “We believe the interest of Northern leaders lies in making life easier for their people,” Okeleye stated. “We encourage them to prioritize the welfare of their constituents over personal interests and support these tax reforms, which shield ordinary Nigerians from VAT on essential goods and services and allow businesses to benefit from VAT deductions.”
The Omoluabi Parapo Conservative Group reaffirms its commitment to advocating for a Nigeria where government policies foster economic relief, transparency, and improved quality of life for all citizens.
God Bless the Federal Republic of Nigeria
Hot Source
