The Senate has reiterated its commitment to advancing the contentious Tax Reform Bills, despite perceived contradictions in its recent proceedings.
During Thursday’s plenary, Senate President Godswill Akpabio refuted reports that debates on the bills had been suspended, asserting that the legislative process remains active.
“The Senate cannot be bullied. Any reform that serves the interest of Nigerians will proceed,” Akpabio declared, responding to a point of order raised by Senate Leader Opeyemi Bamidele (APC, Ekiti Central).
This clarification followed remarks made by Deputy Senate President Barau Jibrin (APC, Kano North) during Wednesday’s plenary, suggesting that further actions on the bills, including public hearings, were temporarily halted.
Senator Barau had emphasized the need for consensus and dialogue with the executive arm to address contentious issues.
In a move to foster thorough deliberation, Akpabio announced the formation of a special committee representing Nigeria’s six geopolitical zones. The committee will collaborate with the Attorney General of the Federation (AGF), Lateef Fagbemi, and other stakeholders, including governors, religious leaders, and business leaders, to resolve concerns surrounding the bills.
“The Senate will ensure transparency and engage with all stakeholders to address uncertainties. Public hearings are crucial, and if six weeks are insufficient, we will extend the time,” Akpabio assured.
Amendments to the Senate Committee on Tax Reform
In a related development, Senator Akpabio replaced Senate Chief Whip Mohammed Tahir Monguno with Senator Kaka Shehu Lawan (APC, Borno Central) on the Senate’s delegation to negotiate with the Federal Government. The outcome of the meeting with the AGF was still pending as of press time.
Lagos State Governor and Tax Reform Debate
Meanwhile, Lagos State Governor Babajide Sanwo-Olu has dismissed claims that the state stands to benefit disproportionately from the proposed tax reforms. Speaking at the Africa Investment Forum in Rabat, Morocco, Sanwo-Olu emphasized that while Lagos may incur some losses, the reforms aim to strengthen governance structures across the country.
“Reforms require sacrifice. Lagos will lose in some areas but will gain a broader opportunity to foster better governance,” he said, urging stakeholders to study the provisions of the reform for a clearer understanding.
Governor Fayemi Advocates Broader Consultation
Former Ekiti State Governor Kayode Fayemi has called for broader consultation on the Tax Reform Bills to ensure political acceptability. Speaking during a lecture in Ibadan, Governor Fayemi underscored the importance of engaging critical stakeholders, including state governors, to achieve consensus.
“Good intentions alone are not enough. Policies must be ventilated properly to gain political acceptance,” Fayemi cautioned.
House of Representatives Advances Tax Exemption Bill
In another legislative development, the House of Representatives has passed the second reading of a bill seeking to exempt companies recording losses from paying minimum income tax. Sponsored by Oboku Oforji (Bayelsa), the bill aims to amend the Companies Income Tax Act, ensuring fairness for businesses grappling with economic challenges.
“This amendment provides relief for companies facing losses, fostering continued economic growth,” Oforji argued.
The bill received overwhelming support during plenary, signaling lawmakers’ recognition of the economic strain on businesses.
