Senate Tax Reform: Akpabio Highlights Crucial Role in Nigeria’s Future
Senator Godswill Akpabio, President of the Senate, has emphasized the significance of the ongoing tax reform bills currently under public hearing, calling them a vital step for Nigeria’s future. During the public hearing on Monday, Akpabio assured that the Senate would take its time to conduct a detailed clause-by-clause review of the proposed legislation before any decisions are made. The reforms, he said, must be approached carefully to ensure that Nigeria moves towards a sustainable and effective tax system.
Addressing the public hearing, which followed the submission of the tax reform bills by President Bola Tinubu in October 2024, Akpabio drew attention to a critical issue: less than 30% of Nigerians pay taxes, yet the government is expected to provide essential services like world-class infrastructure, quality education, and robust national security. He urged that the nation could no longer rely on outdated fiscal policies, noting that the proposed reforms are key to ensuring the country’s economic growth and development.
“The tax reforms are the future of Nigeria,” Akpabio said. “We must get them right. We are not in a rush. We will ensure the process is thorough and transparent before passing any of the bills.”
Senator Akpabio also addressed the importance of informed public discourse on the bills. He pointed out that many critics of the reforms had not read the bills but were instead relying on misleading information from social media. He emphasized that constructive engagement was crucial to ensuring the success of the reforms, and he encouraged citizens to study the bills, participate meaningfully, and avoid the misinformation circulating online.
“I am tired of the social media narratives. Many leaders have not even seen the content of these bills before attacking the process,” Akpabio stated. He encouraged those present to review the bills, provide constructive feedback, and avoid relying on “garbage in, garbage out” from social media.
The public hearing, held in Room 022 of the Senate Wing, attracted several key officials, including Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and Lateef Fagbemi, the Attorney General of the Federation. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), and the Comptroller-General of the Nigeria Customs Service were also in attendance, along with members of the Senate Finance Committee, which is spearheading the reform process.
In his remarks, Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on Finance, outlined the two main bills being debated: the Joint Revenue Board Establishment Bill and the Nigerian Revenue Services Bill. He shared that 71 different stakeholder groups had been invited to participate, ensuring that the process would be comprehensive and inclusive.
Senator Musa also noted that both the Senate and the House of Representatives had completed the second reading of the bills and were now poised to incorporate the feedback from the public hearing into their final deliberations.
The tax reform bills, which include the Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB) 2024, the Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024, were introduced to strengthen Nigeria’s tax system and improve revenue generation. These bills are seen as vital to funding the nation’s critical sectors like infrastructure, education, and agriculture, all of which are essential for national development.
As deliberations continue, the Senate remains committed to ensuring that Nigeria’s tax policies are reformed to foster economic growth, improve public services, and enhance transparency in government spending. The careful consideration of these bills, with full public participation, is expected to lay the foundation for a more sustainable and efficient tax system in the future.
