Nigeria’s Future Depends on Tax Reform Bills – Akpabio

Senator Godswill Akpabio, the Senate President, has highlighted the importance of the tax reform proposals that are presently being heard by the public in the Senate, characterizing them as the future of Nigeria. Assuring that the Senate would not rush the process but would thoroughly analyze each clause before enacting the measures, he emphasized the importance of getting the reforms right.

While announcing Monday’s public hearing on the tax reform bills that President Bola Tinubu submitted to both houses of the National Assembly on October 3, 2024, Akpabio brought attention to a critical problem: despite the fact that only 30% of Nigerians pay taxes, the country’s citizens expect the government to provide top-notch infrastructure, high-quality education, and national security.

Nigeria must start thinking creatively since it is not viable to stick with antiquated budgetary strategies, he said. He stated that the National Assembly will bolster its supervision duties to guarantee the effective and transparent use of public funds if the tax reform laws are approved.

Senator Akpabio advised Nigerians to avoid depending on false information from social media and instead interact with the bills in a positive way. Noting that many opponents had not even studied the laws’ contents before rejecting them, he underlined the importance of having educated conversations.

I’ll be here for two days and will be actively involved in the process because I’m sick of stories on social media. Akpabio said, “Many of our leaders have attacked the process before even seeing the content of these bills.”

He urged hearing attendees to get copies of the bills, carefully read them, and offer insightful commentary instead of relying on deceptive internet debates, which he characterized as “garbage in, garbage out.”
During the public hearing, which took place in Senate Wing Room 022, important government representatives were present, including:
The Federation’s Attorney General is Lateef Fagbemi (SAN).

Zacch Adedeji is the Federal Inland Revenue Service (FIRS) chairman.

Leading the Reform Process is the Comptroller-General of the Nigeria Customs Service Senate Finance Committee.

The Senate Committee on Finance Chairman, Senator Sani Musa (APC, Niger East), gave an overview of the measures being considered in his opening remarks. He said that throughout the two days of discussions, the Nigerian Revenue Services Bill and the Joint Revenue Board Establishment Bill will be the main topics of discussion.

Senator Musa claims that 71 distinct stakeholder groups have been asked to participate in the public hearing. He promised that after the legislation’ second reading, the Senate and the House of Representatives were prepared to take public feedback into consideration.

“The goal of these reform bills is to increase government revenue generation so that Nigeria can progress toward an advanced economy with sufficient funding for agriculture, education, and infrastructure—the three main pillars of national development,” he stated.

The following four tax reform bills are being considered:

The 2024 Nigerian Tax Bill (NTB)

Nigeria’s 2024 Tax Administration Bill (NTAB)

Bill (NRSEB) 2024: Nigeria Revenue Service (Establishment)

The Establishment Joint Revenue Board Bill (JRBEB) 2024

After passing the Senate for a second reading on November 28, 2024, these bills were sent to the Committee on Finance for additional legislative review.

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The Senate is committed to ensuring that Nigeria’s tax structure is changed in order to improve public services, boost economic growth, and increase revenue collection. Discussions are now under progress.