In a significant legislative move, the Nigerian Senate passed two tax reform bills while rejecting a proposed 10% Value Added Tax (VAT) increase.
The decision to retain the 7.5% VAT rate has been met with mixed reactions. Some citizens view it as a relief amid rising living costs, while others argue that broader tax reforms are needed to address economic inequality.
Former President Goodluck Jonathan cautioned against reforms that could inadvertently lead to a one-party state, urging careful consideration of political implications.
The passage of these bills is seen as a step toward streamlining Nigeria’s tax system.