"Tax matters are subject to debate, review, and negotiation until you reach a consensus. That is all I am going to say about that," he said.
President Bola Tinubu said on Monday that he is ready to make concessions to address the controversies surrounding the tax bills before the National Assembly.
Mr Tinubu spoke during his first Presidential Media Chat.
He was asked if he was willing to make concessions to address some concerns, particularly over the VAT component of the bills.
In response, Mr Tinubu said tax amendments require negotiations and concessions, and he was open to such.
"That reform is here to stay. We cannot continue to do what we were doing in past years. We cannot retool the system using the old methods. I am focused on what Nigerians need and what I must do for Nigeria. It is not going to be an El Dorado for everyone.
"Tax matters are subject to debate, review, and negotiation until you reach a consensus. That is all I am going to say about that," he said.
The tax bills are before the National Assembly and have generated controversies, particularly among northern leaders, including members of the president's party.
The tax bills
The tax reform bills, drafted by the Presidential Committee on Tax Reforms and Fiscal Policy, aim to overhaul the existing tax laws in Nigeria.
The president transmitted the four bills--the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill--to the National Assembly on 3 October.
However, the bills have faced stiff opposition from the northern parts of the country, notably from governors who described them as "anti-North."
The debates on the bills have escalated into a North vs South issue, particularly the VAT sharing formula.
The National Economic Council (NEC), a body comprising governors chaired by Vice President Kashim Shettima, urged the president some weeks ago to withdraw the bills for further consultations. However, the president refused, stating that all concerns should be addressed in the National Assembly.
Governor Babagana Zulum of Borno State recently claimed that the reform would only benefit Lagos State--the president's home state.
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However, Taiwo Oyedele, chairman of the Presidential Committee on Tax Reform and Fiscal Policy, has disputed these claims, stating that the reforms will benefit the country.
The bills, which have passed a second reading at the Senate, face greater uncertainty in the House of Representatives as opposition to the bills continues to grow.
During the 2025 budget presentation last week, the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Abbas Tajudeen, expressed their commitment to passing the bills.
