The presidency has denied rumours that it brought tax reform bills to make Lagos and Rivers richer than other states.

The presidency also brushed aside the opinions of critics who have stated that when implemented, the policy will lead to the scrapping of the Tertiary Education Trust Fund, TETFund, NASENI, and other government agency.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, defended the bills in a statement circulated to State House correspondents on Monday, December 2, 2024.

He said: “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.

“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.

“One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses.

“For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives.”