Senate President Godswill Akpabio has underscored the significance of the tax reform bills currently under review, calling them the key to Nigeria’s economic future. Speaking at a public hearing on Monday, Akpabio assured Nigerians that the Senate would take its time to scrutinize the bills, ensuring a clause-by-clause evaluation before passage.
He highlighted a major concern: only about 30% of Nigerians pay taxes, yet there are high expectations for world-class infrastructure, education, and security. “We cannot continue with outdated fiscal policies. We must think outside the box,” he said, emphasizing that tax reforms are crucial for sustainable national development.
Akpabio also urged Nigerians to engage in informed discussions rather than relying on misinformation from social media. “Many critics haven’t even read the bills before opposing them. I’m here for two days to personally follow the process because I’m tired of social media narratives,” he stated.
The public hearing, held at the Senate Wing, saw the participation of top government officials, including Finance Minister Wale Edun, Attorney General Lateef Fagbemi, and FIRS Chairman Zacch Adedeji. The Senate Committee on Finance, led by Senator Sani Musa, is spearheading the review of four key tax reform bills aimed at strengthening government revenue and funding national development priorities.
The bills under review include:
Nigeria Tax Bill (NTB) 2024
Nigeria Tax Administration Bill (NTAB) 2024
Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
Joint Revenue Board (Establishment) Bill (JRBEB) 2024
Senator Musa emphasized that 71 stakeholder groups had been invited to contribute to the discussions, ensuring an inclusive and transparent process. The goal, he said, is to modernize Nigeria’s tax system, enhance revenue generation, and drive economic growth.
With legislative scrutiny now in full swing, the Senate is committed to passing reforms that will create a more efficient, transparent, and productive tax framework for Nigeria’s future.
