Speaker of the House of Representatives Tajudeen Abass, has decried that Nigeria’s Value Added Tax (VAT) is the lowest in Africa, indicating the need to improve inefficiencies in its system.
Speaker Abass disclosed this in Abuja on Tuesday while delivering his keynote address at the opening of a two-day retreat for members of the House.
He, therefore, expressed that the 10th House is ready to aid the economic policies and programmes of President Bola Tinubu in alignment with his manifesto.
The announcement came days after President Bola Tinubu engaged Bill Gates in using technology to make tax collection easier to collect in Nigeria.
Speaker Abbas stated that the House purposefully concentrated on modernising and reforming taxes and reviewing the implementation of the Petroleum Industry Reform Act (2021).
The overarching objective is to discuss and identify concrete legislative strategies for economic transformation, he said.
The speaker expressed pleasure that the legislative retreat was at a point in our nation’s economic landscape when the current administration is diligently implementing policies and initiatives to steer our economy towards recovery, growth, and sustainable development.
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