South East Governors Forum hosts inaugural dialogue on tax reform bill
The South East Governors Forum Secretariat (SEGOFS) has taken a decisive step toward fostering regional economic progress with the maiden edition of its rotational dialogue series, Common Ground with SEGOFS. The event, held on November 13, 2024, at the Secretariat, focused on the contentious Tax Reform Bill and its potential implications for the South East economy.
A Platform for Collaborative Solutions
The dialogue was hosted by Senator Uche Ekwunife, the Director General of SEGOFS, and featured Chief Okwudili Ijezie, a seasoned chartered accountant, as the lead presenter. Chief Joe Ikunna served as the moderator. The session drew South Easterners from diverse professional backgrounds, showcasing a commitment to inclusive and non-partisan discourse.
In her opening remarks, Senator Ekwunife emphasized the importance of Common Ground with SEGOFS as a platform for addressing critical issues affecting the region. “This initiative aims to unite experts from various fields to deliberate on common challenges and propose solutions that serve the best interests of the South East,” she noted.
She assured participants that recommendations from the dialogue would be forwarded to the Governors’ Forum and other relevant authorities for consideration.
Keynote Address Highlights Tax Reform Challenges
The keynote address by Chief Okwudili Ijezie, founder of Okwudili Ijezie & Co., delved into the four Tax Reform Bills introduced by President Bola Tinubu’s administration. These include the Nigeria Revenue Service Bill, Nigeria Tax Bill, Nigeria Tax Administration Bill, and Joint Revenue Board Bill. Chief Ijezie detailed the controversies surrounding the bills, particularly the proposed increase in Value-Added Tax (VAT) allocation to states where consumption occurs, which Northern Governors have opposed.
Chief Ijezie argued that the reforms, while controversial, present opportunities for the South East, such as improved revenue allocation, enhanced tax compliance, and economic growth. However, he cautioned that multiple taxation and unclear frameworks could hinder these benefits and recommended that the South East engage constructively with federal stakeholders to ensure equity.
Calls for Further Study and Regional Integration
The panelists, including notable experts like Dr. Uramma, Prince Nwakeze, Dr. Kachi Nwoga, Ambassador Clem Aguiyi, and CDon Adinuba, echoed the need for deeper understanding of the bills. A resolution was passed to establish a study group to analyze the proposed laws and prepare comprehensive recommendations for the next dialogue session.
Chief Joe Ikunna commended the initiative, stating, “We need our best minds to advocate for the South East with confidence and clarity when discussing national issues.”
Next Steps
As the dialogue series continues, SEGOFS aims to foster a unified regional approach to national policy discussions. The outcomes of this maiden session signal a promising start toward proactive governance and regional collaboration.
With *Common Ground with SEGOFS*, the South East Governors Forum is setting a precedent for inclusive policymaking and positioning the region for sustainable growth amidst Nigeria’s evolving economic landscape.
