The Nigeria Economic Summit Group (NESG) has endorsed the controversial Tax Reform Bills, citing their potential to drive equity and bolster the nation’s economy.

Speaking at an interactive media session in Abuja, NESG’s CEO, Dr Tayo Aduloju, emphasised the organisation’s active role in shaping the reforms through data-driven analysis and policy recommendations.

Dr Aduloju underscored NESG’s contributions as a member of the Presidential Committee on Fiscal and Tax Reforms.

“Our work is guided by the principle to ‘tax the harvest, not the seed.’ Taxing the working poor solves no problems; it exacerbates them,” he said.

The bills aim to identify and exempt economically vulnerable individuals and businesses, fostering a more equitable tax system.

Aduloju further highlighted the reforms’ focus on socio-economic adjustments, noting, “For the first time, we have bills that align taxation with social security needs and economic realities, exempting the most vulnerable while shifting the burden to high earners and highly profitable enterprises.”

He called this approach a crucial step in transitioning Nigeria’s economy into a more sustainable and taxable structure.

Joseph Ogebe, NESG’s Head of Research and Development, provided insights into the group’s efforts to quantify the reforms’ impact.

“We’ve analysed household data from the 2018-2019 survey and conducted simulations based on VAT payment patterns,” he explained.

While preliminary findings suggest significant gains at sub-national levels, NESG plans to update its analytics with the 2022-2023 Nigeria Living Standard Survey data early next year.

The NESG is also taking steps to educate Nigerians about the reforms.

Ogebe explained that public understanding is critical, as the reforms are designed to enhance economic fairness while bolstering revenues for development.

With the Tax Reform Bills promising a restructured economic framework, NESG remains a vocal advocate, championing policies that prioritise equity and socio-economic stability.