The Nigerian Senate on Monday commenced a two-day public hearing on proposed tax reform bills aimed at overhauling the country’s tax system and enhancing revenue generation.
The hearing, organized by the Senate Committee on Finance, brings together key government officials, industry experts, and other stakeholders to deliberate on the proposed legislation. The reforms seek to address inefficiencies in tax administration, broaden the tax base, and strengthen compliance mechanisms to boost national revenue.
Senate leadership emphasized the importance of the reforms in aligning Nigeria’s tax policies with global best practices while fostering economic growth and fiscal sustainability. Stakeholders are expected to present recommendations that will shape the final framework of the bills before they proceed to further legislative consideration.
The hearing continues on Tuesday, February 25.
The chairman of the Senate Committee on Finance, Senator Sani Musa, said the hearing followed extensive consultations with relevant stakeholders on Wednesday, February 19, after a closed-door meeting.
Senator Sani Musa assured that the process would be transparent and thorough that will ensure all concerns are addressed for Nigeria’s economic growth.
The Tax Reform Billsare (i) The Nigeria Tax Bill (NTB) 2024, (ii)The Nigeria Tax Administration Bill (NTAB) 2024, ( iii)The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024 and (iv) The Joint Revenue Board (Establishment) Bill (JRBEB) 2024.
Stakeholders and high-profile officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Attorney-General of the Federation, Mr. Lateef Fagbemi; Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Statistician-General of the National Bureau of Statistics, Adeyemi Adeniran; the Minister of Petroleum, and the Minister of Trade and Investment, among others are attending the hearing.
The public hearing came amid growing debates over President Bola Tinubu’s proposed tax reforms, which have sparked concerns among stakeholders, particularly in Northern Nigeria.
The Senate had passed the four tax reform bills for a second reading in November 2024, following a heated debate led by Senate Majority Leader Senator Opeyemi Bamidele.
President Bola Tinubu had on October 3, transmitted the four reform bills to the National Assembly for consideration.
President Tinubu said the bills would strengthen Nigeria’s fiscal institutions and will also align with his administration’s broader development goals.
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