The President of the Senate, Senator Godswill Akpabio, has emphasized the critical importance of the tax reform bills currently under public hearing, describing them as the future of Nigeria. Speaking on Monday during the opening of the public hearing on the tax reform bills submitted by President Bola Tinubu on October 3, 2024, Akpabio stressed the need for thorough and careful consideration of the bills to ensure they meet the nation’s needs.
Akpabio highlighted a pressing issue: less than 30% of Nigerians pay taxes, yet citizens expect the government to provide world-class infrastructure, quality education, and national security. He noted that Nigeria must adopt innovative fiscal policies, as continuing with outdated systems is unsustainable.
The Senate President assured that the National Assembly would conduct a clause-by-clause review of the bills to ensure they are robust and effective. He also emphasized the need for strengthened oversight functions to ensure transparent and efficient use of government resources once the reforms are implemented.
Akpabio urged Nigerians to engage constructively with the bills, rather than relying on misinformation from social media. He called 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 to obtain copies of the bills, study them thoroughly, and provide meaningful input, dismissing misleading online discussions as “garbage in, garbage out.”
Key Stakeholders in Attendance
The public hearing, held at Room 022 of the Senate Wing, saw the presence of key government officials, including:
- Wale Edun – Minister of Finance and Coordinating Minister of the Economy
- Lateef Fagbemi (SAN) – Attorney General of the Federation
- Zacch Adedeji – Chairman of the Federal Inland Revenue Service (FIRS)
- Comptroller-General of the Nigeria Customs Service
Senate Finance Committee Spearheading the Reform Process
Senator Sani Musa, Chairman of the Senate Committee on Finance, 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 two days.
Senator Musa revealed that 71 stakeholder groups had 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
- 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.
