Proposed tax reforms will spread prosperity to poor Nigerians -Presidency

Despite pushbacks from northern governors who had asked the
national assembly to reject any legislation that may harm the region’s
interests, Tinubu asked that the process continue.

Speaking on the bills, Dare said the reforms seek to reduce
the tax burden on small businesses.

“The proposed tax reforms also indicate the administration’s
resolve to reduce the tax burden on small businesses and spread prosperity to
the poor,” the presidency said.

“The new tax regime seeks to promote equity by reducing what
is known as the headquarters effect—a situation where states where company
headquarters are based get more benefits because their taxes for the whole
nation are remitted—in favour of spatial and demographic equity.”

‘GDP RATE GROWTH
SHOWS ECONOMIC REFORMS YIELDING FRUITS’

Dare said the growth recorded in the third quarter (Q3) GDP
report is an indication that federal government reforms are yielding results.

The National Bureau of Statistics (NBS) had earlier reported
that the country’s GDP grew by 3.46 percent year-on-year in the Q3 of 2024,
higher than the 3.19 percent recorded in Q2 of the same year.

Dare said the report is in line with Tinubu’s quest for a
more robust boost in the economy and, by extension, a better standard of living
for all Nigerians.

“The 3.46% growth indicates Nigeria is recovering from the
reforms’ unintended effects,” he said.

According to Dare, the president said his administration has
not and will never forget his promise of a $1 trillion economy by 2030.

He also said the president assured that once the economy is
rebased by early 2025 to capture its dynamism and record significant changes
that have occurred in different sectors, the country will be on its way to
shared prosperity.

“I am excited by the latest report from the National Bureau
of Statistics that our economy grew in the third quarter more than last quarter
and even beyond projected estimates,” Tinubu was quoted as saying.

“While I welcome this development, the latest figure also
shows the much work that needs to be done.

“We won’t rest until Nigerians feel the positive impacts in
their pockets and experience a better living standard.

“This performance once again shows that the reforms embarked
upon by the Tinubu administration to reposition the economy and ensure better
fiscal management are beginning to yield fruits.”

Tinubu also said his administration remains committed to the
welfare of Nigerians.