Tax Reform Bills not against North, no plan to scrap NITDA, NASENI, and TETFUND — Presidency declares
The Presidency has dismissed claims that the government is planning to scrap the National Information Technology Development Agency the National Agency for Science and Engineering Infrastructure (NASENI) and the Tertiary Education Trust Fund (TETFUND) through the controversial tax reform bills currently before the National Assembly.
Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, debunked the rumour in a statement issued on Monday clarifying misconceptions about the bills.
Onanuga also dismissed the claims that the bills were designed to impoverish certain regions of the country, adding that they aimed to enhance the quality of life for disadvantaged Nigerians, rather than destroying the economy of any section of the country.
“Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills.
Onanuga said
“Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes,”
“The time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations in line with the constitution and international best practices.
He concluded.
“It is a misrepresentation of facts to conclude that changing an agency’s funding source amounts to scrapping it. None of the countries leading globally in education, science, engineering, or information technology have similar earmarked taxes.
“The government imposes major taxes, be it income tax, consumption tax, or other taxes, to channel resources to its areas of priority at the time. Imposing a separate tax to fund an agency is an aberration that has yet to yield results despite the huge burden on businesses. The tax bill seeks to address this problem,” he said.
