Members of the Nigeria Governors Forum, NGF, on Wednesday met at the forum’s secretariat in Abuja.
This was the first meeting of the forum in 2025.
The American Ambassador to Nigeria, Richard Mills and the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, attended the meeting with the governors.
It could be recalled that at their last meeting, the governors supported the Federal Government’s tax reform bills but proposed a new sharing formula for value-added tax, VAT.
They proposed a revised VAT-sharing formula which they said would ensure equitable distribution of resources.
According to them, the new sharing formula will be 50% based on equality, 30% based on derivation, and 20% based on population.
“Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability.
“The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity,” the communique issued by the Chairman of the NGF and Governor of Kwara State Abdul Rahman Abdul Razaq read.
Discover more from GOSSIP UNION
Subscribe to get the latest posts sent to your email.
