MONDAY February 24, 2025 |TheNewsDESK
The President of the Senate, Senator Godswill Akpabio, has emphasized the critical role of the tax reform bills currently under public hearing at the Senate, describing them as the future of Nigeria. He stressed the need to get the reforms right, assuring that the Senate would not rush the process but would conduct a thorough clause-by-clause review before passing the bills, reports VanguardNews.
Speaking today, Monday, February 24, 2025, while declaring open the public hearing on the tax reform bills submitted to both chambers of the National Assembly by President Bola Tinubu on October 3, 2024, Akpabio highlighted a pressing issue: not more than 30% of Nigerians pay tax, yet citizens expect the government to provide world-class infrastructure, quality education, and national security.
He noted that Nigeria must begin to think outside the box, as continuing with outdated fiscal policies is unsustainable.
According to him, once the tax reform bills are passed, the National Assembly will strengthen its oversight functions to ensure that government resources are spent efficiently and transparently.
Senator Akpabio urged Nigerians to engage with the bills constructively, rather than relying on misinformation from social media. He emphasized the need for informed discussions, pointing out that many critics had not even read the content of the bills before opposing them.
“I will be here for two days, actively participating in the process because I am tired of social media narratives. Many of our leaders have not even seen the content of these bills before attacking the process,” Akpabio stated.
He encouraged participants at the hearing to obtain copies of the bills, study them thoroughly, and provide meaningful input rather than depending on misleading online discussions, which he dismissed as “garbage in, garbage out.”
In his opening remarks, the Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), provided insight into the bills under consideration. He stated that deliberations would focus on the Joint Revenue Board Establishment Bill and the Nigerian Revenue Services Bill over the course of two days.
According to Senator Musa, 71 different stakeholder groups have been invited to contribute to the public hearing. He assured that both the Senate and the House of Representatives had completed the second reading of the bills and were ready to incorporate public input.
“The purpose of these reform bills is to boost government revenue generation, enabling Nigeria to move towards an advanced economy where infrastructure, education, and agriculture—key pillars of national development—are adequately funded,” he said.
The four tax reform bills under consideration include:
The Nigeria Tax Bill (NTB) 2024
The Nigeria Tax Administration Bill (NTAB) 2024
The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
The Joint Revenue Board (Establishment) Bill (JRBEB) 2024
These bills were passed for second reading in the Senate on November 28, 2024, and referred to the Committee on Finance for further legislative scrutiny.
With deliberations now underway, the Senate is determined to ensure that Nigeria’s tax system is reformed to enhance revenue collection, drive economic growth, and improve public services.
Tax Reform Bills Are The Future Of Nigeria, We Must Get Them Right – Senate President Akpabio
