The Senate’s president, Senator Godswill Akpabio, has highlighted the importance of the tax reform proposals that are presently being heard by the public and referred to them as Nigeria’s future. He emphasized how important it is to implement the reforms correctly and promised that the Senate will take its time and carefully examine each clause before enacting the laws.
Speaking Monday, Akpabio opened the public hearing on the tax reform bills that President Bola Tinubu submitted to both houses of the National Assembly on October 3, 2024. He emphasized a critical issue: despite the fact that only 30% of Nigerians pay taxes, the country’s citizens expect the government to provide top-notch infrastructure, high-quality education, and national security.
He pointed out that Nigeria needs to start thinking creatively since it cannot continue with its antiquated budgetary strategies. He said that after the tax reform legislation are approved, the National Assembly will bolster its supervision duties to guarantee the effective and open use of public funds.
Instead of depending on false information from social media, Senator Akpabio encouraged Nigerians to interact with the bills in a positive way. He underlined the need of having educated conversations, noting out that many opponents of the measures had not even studied their contents before voicing their opposition.
I’m sick of social media tales, therefore I’ll be here for two days and actively participate in the process. Before criticizing the process, many of our leaders haven’t even read the content of these bills,” Akpabio said.
Instead of relying on deceptive online debates, which he characterized as “garbage in, garbage out,” he urged hearing attendees to get copies of the bills, carefully read them, and offer insightful commentary.
Key government representatives attended the public hearing, which was place in Senate Wing Room 022. These officials included:
Attorney General of the Federation Lateef Fagbemi (SAN)
Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji
The Nigeria Customs Service Comptroller-General is leading the reform process through the Senate Finance Committee.
Senator Sani Musa (APC, Niger East), the chairman of the Senate Committee on Finance, gave an overview of the measures being considered in his opening remarks. Over the course of two days, he said, discussions would center on the Nigerian Revenue Services Bill and the Joint Revenue Board Establishment Bill.
71 distinct stakeholder groups have been invited to participate in the public hearing, according to Senator Musa. He gave his word that both the House of Representatives and the Senate had finished the second reading of the measures and were prepared to take public feedback into consideration.
According to him, the goal of these reform laws is to increase government revenue production so that Nigeria may transition to a developed economy with sufficient funding for infrastructure, education, and agriculture—three important pillars of national growth.
The four proposed tax reform laws are as follows:
Nigeria’s 2024 Tax Bill (NTB)
The NTAB 2024 Nigeria Tax Administration Bill
NRSEB 2024: The Nigeria Revenue Service (Establishment) Bill
JRBEB 2024: The Joint Revenue Board (Establishment) Bill
On November 28, 2024, the Senate passed these bills for a second reading and sent them to the Committee on Finance for additional legislative review.
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The Senate is committed to making ensuring that Nigeria’s tax structure is changed in order to increase revenue collection, spur economic growth, and enhance public services, and discussions are now under progress.
