Customs Sounds Alarm Over Tax Reform Bills as Senate Pushes for $1 Trillion Economy

The Nigerian Customs Service (NCS) has raised concerns over certain provisions in the proposed Tax Reform Bills currently before the National Assembly, warning that they conflict with the Customs Act 2023.

Speaking at a public hearing organized by the Senate, Customs Comptroller-General Adewale Adeniyi pointed out specific clauses—78, 79, 141(1), and 143—that contradict the existing customs regulations. He urged lawmakers to address these inconsistencies before passing the bill into law.

Adeniyi highlighted the positive impact of the Customs Act 2023, noting that revenue had surged by 97% within two years. “It’s too early to repeal or alter an Act that is already delivering results,” he cautioned.

Meanwhile, the Senate reaffirmed its commitment to crafting a tax law that supports President Bola Tinubu’s ambitious vision of a $1 trillion Nigerian economy. Chairman of the Senate Finance Committee, Senator Sani Musa, assured that lawmakers would incorporate feedback from all stakeholders, including governors and economic experts, to ensure the tax reforms are beneficial nationwide.

“We want a tax system that will not just work under this administration but will endure for future governments,” Musa stated. He also revealed that the Senate would hold a three-day retreat to refine the bills before the final reading.

Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji praised the overwhelming support for the tax reforms, thanking President Tinubu and the Senate for their leadership.

On concerns that the bills might negatively affect northern states, Senator Abdul Ningi clarified that opposition initially came from governors, not regional sentiments. He credited state leaders like Babagana Zulum and Bala Mohammed for negotiating a more inclusive approach to the reforms.

“This public hearing has allowed Nigerians to openly express their views instead of murmuring behind closed doors,” Ningi remarked.

As debates continue, all eyes are on the National Assembly to balance tax modernization with economic fairness, ensuring that the reforms drive growth without undermining existing policies.