The tax reform measures that are presently being heard by the Senate are crucial, according to Senate President Godswill Akpabio, who has called them the future of Nigeria. He emphasized the importance of making the reforms correct and promised that the Senate will carefully examine each clause before enacting the bills.
Speaking Monday at the opening of the public hearing on the tax reform bills that President Bola Tinubu submitted to both houses of the National Assembly on October 3, 2024, Akpabio emphasized a critical issue: less than 30% of Nigerians pay taxes, despite the fact that the country’s citizens expect the government to provide top-notch infrastructure, high-quality education, and national security.
Nigeria needs to start thinking creatively because it cannot continue with its antiquated budgetary practices, he said. After the tax reform legislation are approved, he said, the National Assembly will bolster its supervision powers to guarantee the effective and transparent use of public funds.
Nigerians should interact with the bills in a positive way, Senator Akpabio advised, instead of depending on false information from social media. Given that many opponents of the laws had not even studied their contents before voicing their opposition, he underlined the importance of having educated conversations.
“I am fed up with social media storylines, so I will be here for two days, actively participating in the process. “Many of our leaders have attacked the process before even seeing the content of these bills,” Akpabio said.
He advised hearing attendees to avoid relying on deceptive internet debates, which he characterized as “garbage in, garbage out,” and instead acquire copies of the bills, carefully review them, and offer insightful commentary.
The following important government representatives attended the public hearing, which was held at Senate Wing Room 022:
Lateef Fagbemi (SAN), the Federation’s attorney general
Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji
Leading the Reform Process is the Senate Finance Committee, led by the Comptroller-General of the Nigeria Customs Service.
Sani Musa (APC, Niger East), the chairman of the Senate Finance Committee, gave an overview of the measures being considered in his opening remarks. He said the Nigerian Revenue Services Bill and the Joint Revenue Board Establishment Bill would be the main topics of discussion throughout the two days.
The public hearing has invited input from 71 different stakeholder organizations, according to Senator Musa. He gave his word that the legislation had passed the second reading in both the Senate and the House of Representatives and that they were prepared to take public comments into consideration.
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“These reform bills aim to increase government revenue generation, which will allow Nigeria to transition to a developed economy with sufficient funding for infrastructure, education, and agriculture—the three main pillars of national development,” he stated.
Among the four tax reform bills being considered are:
The NTB 2024 Nigeria Tax Bill
NTA 2024: The Nigeria Tax Administration Bill
Establishment of the Nigeria Revenue Service Bill (NRSEB) 2024
The Establishment Bill of the Joint Revenue Board (JRBEB) 2024
On November 28, 2024, these bills were approved by the Senate for second reading and sent to the Committee on Finance for additional legislative review.
Now that discussions are under way, the Senate is committed to making sure that Nigeria’s tax structure is changed in order to increase revenue collection, spur economic expansion, and strengthen public services.
