The Presidency has dismissed claims that the proposed tax reform bills currently before the National Assembly are designed to impoverish any region of the country or dismantle critical government agencies.

In a statement issued by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, the Presidency refuted allegations that the bills propose the scrapping of the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), and the National Information Technology Development Agency (NITDA).

“Contrary to the misinformation being spread, the proposed tax bills do not suggest the termination of NASENI, TETFUND, or NITDA in 2029. These agencies remain essential components of national development, and the bills aim to streamline their funding sources, not eliminate them.”

The statement emphasized that the tax reform bills are designed to unify some of the earmarked taxes currently imposed on businesses into a single tax, which will then be distributed to these agencies until 2030. This phased approach, it noted, provides ample time for the agencies to identify alternative funding sources while continuing to receive budgetary allocations.

“The multiple taxes burdening businesses have hindered economic growth and competitiveness. Some companies have been forced to relocate to other countries due to the complexity of our tax system. This cannot continue if Nigeria is to achieve the prosperity we envision for our people,” he said.

“While public discourse is encouraged, it must be informed by facts, not emotions or divisive rhetoric. Leaders should guide their constituents responsibly rather than inciting unnecessary tensions.”

President Tinubu welcomed the robust public interest in the tax reform bills and encouraged stakeholders, including governors, traditional rulers, civil society, and professional associations, to participate actively in the public hearings to be organized by the National Assembly.

“Reforming our outdated tax laws and administration is essential for achieving the growth and development Nigeria urgently needs. These changes will benefit the nation as a whole, especially the disadvantaged, by creating a more equitable and efficient tax system.”