The Igbo Youths Progressive Forum (IYPF) has expressed strong opposition to President Bola Ahmed Tinubu’s proposed tax reform bill, describing it as a regressive policy that undermines fairness, equity, and the economic wellbeing of Nigerians. The bill, which disproportionately favors industrialized states, threatens to marginalize regions like the South East further, exacerbating existing inequalities in federal development and resource allocation.
At a time when Nigerians are reeling from inflation, unemployment, and poverty, this reform risks adding to their hardships. By imposing excessive taxes on individuals and businesses, the bill jeopardizes small and medium enterprises (SMEs), which form the backbone of the economy. Many SMEs, already struggling to survive, could face closure under the weight of these tax burdens, leading to significant job losses and stifled economic growth.
The IYPF is particularly concerned about the proposed shift of TETFund (Tertiary Education Trust Fund) financing to the national budget. TETFund has been a vital tool for improving the quality of Nigeria’s tertiary education system. Relocating its funding source to the national budget risks inefficiency, bureaucratic delays, and severe underfunding, further compounding the challenges faced by students and institutions already struggling with poor infrastructure, recurrent strikes, and rising tuition costs.
This proposed reform, which neglects the needs of less industrialized regions and fails to account for Nigeria’s diverse economic realities, is a direct affront to the principles of equity and justice. It undermines the collective progress of the nation, threatening unity and national development.
The IYPF calls on the National Assembly to reject this harmful bill and instead push for inclusive reforms that address the needs of all regions. The Forum remains committed to advocating for policies that ensure fairness and shared prosperity for all Nigerians.