The Senate has commenced a two-day public hearing on proposed tax reform bills, bringing together key stakeholders from the nation’s economic and financial sectors to discuss and shape crucial fiscal policies.
Channels Television reports that the hearing kicked off at the National Assembly with the participation of high-profile government and industry figures.
These include the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, members of the Federal Executive Council, heads of relevant agencies, and the Comptroller General of Customs, Adewale Adeniyi, among others.
Chairman of the Senate Committee on Finance, Senator Sani Musa, reiterated that the process would be conducted transparently and in alignment with the national interest. He highlighted that the core objective of the hearing is to review and modernize Nigeria’s tax laws to reflect current economic realities and ensure sustainable revenue generation.
Senator Musa stressed that the proposed reforms are designed to ensure fairness, equity, and inclusivity while addressing inefficiencies in existing tax policies.
Addressing Taxation Challenges
The public hearing will explore various challenges in Nigeria’s taxation framework, including tax evasion, double taxation, and inconsistencies in policy implementation. The Senate aims to create a tax system that promotes business growth, enhances government revenue, and fosters investor confidence.
Senator Musa encouraged all stakeholders, including private sector players, civil society organizations, and the general public, to actively engage in the discussions. He emphasized that collective contributions are essential in crafting tax policies that support economic expansion and national prosperity.
Back story
In December 2024, the Senate suspended further action on the Tax Reforms Bills.
- The Senate further instructed its Committee on Finance to stay action on the public hearing pending the time the agitation in the public space was addressed.
- It further constituted a special committee to meet with the executive arm and work with the Federal Government to resolve the issues surrounding the Tax Reform Bills.
- The bills were greeted with controversy since their introduction to the National Assembly.
- The bills are Tax Reform Bills comprising the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024 and Nigeria Tax Bill, 2024.
The northern Governors rejected the bills outright, describing them as anti-democracy.
Following this, the National Economic Council, Nigeria’s highest economic advisory body, requested that the tax reforms bill be withdrawn from the NASS for more consultations.
