Bill to reduce tax burden will be transmitted to NASS soon – Tinubu

President Bola Tinubu has said a bill seeking to reduce tax burden on businesses established in the country would soon be transmitted to the National Assembly for legislation.

The bill titled “Economic Stabilisation Bill” would also reduce the tax burden on Nigerian workers.

President Tinubu stated this in his broadcast to celebrate Nigeria’s 64th Independence Anniversary on Tuesday.

“We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly,” he said.

Foreign companies, especially manufacturers and energy firms have been leaving the country in the recent past as a result of some reforms introduced by the Tinubu administration.

Some of them cited the foreign exchange challenges and devaluation of the naira, which means foreign companies are losing in dollar terms. The companies also cited insecurity and lower revenue as other reasons for leaving the country.

Some of the manufacturing companies that have discontinued operations in Nigeria are ; GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi, a French multinational pharmaceutical company and Equinor, a Norwegian oil firm.

In the broadcast, President Tinubu assured that the bill after passage would make the country friendly for investors and promote investment.

Mr Tinubu said his administration is focusing on increasing productivity in the country and creating more jobs.

“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he said.