Historic VAT Reform: Gov Sule Announces North’s Win With New Tax Formula

Historic VAT Reform: Gov Sule Announces North’s Win With New Tax Formula

Nasarawa State Governor, Abdullahi Sule, has revealed that the Presidential Tax Committee has endorsed the new proposed Value Added Tax (VAT) formula, as recommended by the Nigeria Governors’ Forum (NGF). He assured that…Historic VAT Reform: Gov Sule Announces North’s Win With New Tax Formula

the reform, including the new Tax Reform Bills, would bring positive changes to the Northern region.

Governor Sule explained that the new VAT formula will be split as follows: 50% based on equality, 30% based on derivation, and 20% based on population. This shift is expected to create a more balanced approach to revenue distribution.

Speaking on Channels Television, the Governor emphasized that the reform was tailored to positively impact the North, aligning with the NGF’s support for equitable resource sharing among states.

The NGF has been vocal about the need for a fairer tax system, and the reform discussions have gained momentum in the National Assembly. In a statement following a meeting with the Presidential Tax Reform Committee on January 16, 2025, the NGF reiterated its commitment to an overhauled tax framework that would boost revenue generation and enhance economic stability for Nigeria.

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