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National Tribune

Flagging The Conscience Of Truth

One-Term Tenure Proposal and Tax Reforms: A Critical Analysis of Nigeria’s Political and Economic Path

ByWeb Manager

Dec 9, 2024

The ongoing debate surrounding the proposed six-year single tenure for elected officials has stirred diverse opinions among Nigerians. Advocates argue that it could eliminate distractions from re-election campaigns, while critics warn of potential long-term consequences of entrusting incompetent leaders with extended, uninterrupted terms.

In Nigeria’s democratic history, the existing four-year, two-term structure has often allowed voters to hold leaders accountable. While a poorly performing leader could be replaced after four years, a six-year tenure may prolong economic mismanagement and underdevelopment. Analysts cite examples such as Governor Lucky Igbinedion of Edo State and President Muhammadu Buhari’s contentious re-election, highlighting how performance dynamics and political maneuvering can shape tenure outcomes.

The introduction of Tax Reform Bills has also sparked considerable discussion. The proposal to exempt small and medium-sized enterprises (SMEs) from taxes while reducing corporate taxes from 30% to 25% aims to boost economic growth. However, concerns persist about its potential impact on government revenue. Critics argue for a more inclusive tax system based on citizens’ income levels to balance the fiscal deficit and minimize borrowing for budget execution.

Fiscal federalism also comes under scrutiny. The centralization of tax collection is seen as a threat to state autonomy. Experts suggest that empowering states to generate internal revenue through taxation is key to sustainable development. Additionally, the preference for imported goods by governments, despite local alternatives, undermines efforts to stimulate domestic industries and conserve foreign exchange.

As discussions on tenure and tax reforms progress, Nigerians emphasize the need for constitutional amendments, public engagement, and informed contributions. These measures are vital to ensuring that policies address current challenges without compromising future prosperity.

The debate continues as citizens deliberate on short-term benefits versus the long-term implications for Nigeria’s democracy and economy.

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