President Bola Ahmed Tinubu has called on the Senate to ensure that the proposed tax reform bills result in practical and effective legislation. This appeal comes four months after the bills were initially submitted to the National Assembly for consideration and passage.
During a public hearing conducted by the Senate Committee on Finance in Abuja on Monday, February 24, the Arewa Think Tank, led by convener Muhammad Alhaji Yakubu, refuted claims that the northern region opposed the proposed tax laws.
The Chairman of the Senate Committee on Finance, Senator Sani Musa (Niger East), disclosed Tinubu’s request for actionable legislation while addressing attendees at the hearing. “I met President Bola Ahmed Tinubu two days ago regarding the tax reform bills, and he told me, ‘Mr Chairman, Senate Committee on Finance, go and do the needful. Give me a law that is workable from the tax reform bills I forwarded to the Senate and House of Representatives in October last year,’” Musa stated.
The proposed bills under review include the Nigeria Tax Bill 2024, Nigerian Tax Administration Bill 2024, Nigeria Revenue Service Establishment Bill 2024, and the Joint Revenue Board Bill 2024. While these bills initially faced strong opposition from various groups, delaying their passage in the House of Representatives, the Senate was able to pass them for a second reading on November 28, 2024. However, resistance persisted until the recent hearing.
Senate President Godswill Akpabio, who declared the hearing open, noted a shift in sentiment as stakeholders, one by one, expressed their support for the reforms. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was among the first to present a submission, stressing that the bills were designed to promote economic prosperity rather than impose undue tax burdens.
“The tax reform bills, as repeatedly explained since their introduction last year, aim to modernize our archaic tax laws to enhance efficiency, equity, and economic growth,” Edun said.
With the growing consensus on the need for tax reforms, lawmakers and stakeholders are expected to fine-tune the bills to align with the government’s vision for economic transformation and fiscal sustainability.
