A delegation of Southern Nigeria Youth Congress had the privilege of attending the youth dialogue event on the Tax Reform Bill, organized by Project Sprint and the House Committee on Youth in Parliament, in partnership with the Southern Nigeria Youth Congress (SNYC). This event provided a dynamic platform for engaging discussions on the crucial issue of tax reforms, offering an opportunity for the youth to contribute our perspectives on policies that will shape our nation’s future.
During the President General’s deposition, he expressed his strong support for the VAT sharing formula proposed by His Excellency, President Asiwaju Bola Ahmed Tinubu. He firmly believes that this formula is not only well-designed but will have positive, far-reaching effects, particularly in addressing two major national challenges: insecurity and unemployment.
One of the key reasons we support this sharing formula is that it ties federal allocations to the amount of revenue a state can generate. This system incentivizes states to become more resourceful and responsible in their governance. If governors know that their share of federal revenue depends largely on the money they generate within their state, it will push them to take their roles more seriously. This dynamic will compel them to focus on revenue generation, thereby boosting the state’s financial autonomy and reducing over-reliance on federal handouts. By driving states to improve their fiscal management, the formula will ultimately have a positive impact on key areas such as security and employment.
In conclusion, the dialogue reinforced the importance of inclusive and effective tax reforms. The VAT sharing formula proposed by President Tinubu represents a step in the right direction, with the potential to improve Nigeria’s socio-economic landscape. We remain optimistic that it will lead to a more accountable and prosperous future for all Nigerians.
