As the National Assembly considers the proposed tax reforms bills, the Citizens Network for Peace and Development in Nigeria (CNPD) has rejected the Nigeria Governors Forum’s (NGF) proposed VAT sharing formula, which allocates 50% based on equity, 30% based on derivation, and 20% based on population.
CNPD’s National Coordinator, Mr Okorie Ikechukwu Raphael, at a press conference held in Abuja on Friday, argued that the NGF formula does not take into account productivity and economic growth, which are critical factors in determining a state’s contribution to the national economy.
CNPD contended that by ignoring productivity, the formula may inadvertently penalize states that are making concerted efforts to diversify their economies and promote economic growth.
CNPD urged the National Assembly to reconsider the proposal and adopt a more nuanced approach that rewards productivity and economic…
Read More
