Nigerian Government Advocates Key Tax Reforms To Strengthen Nigeria’s Economy 

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, during a public hearing organised by the Senate Committee on Finance, said the bills represents a critical step toward modernising Nigeria’s tax system and boosting economic growth.

A statement Signed by Director, Information and Public Relations, FMF, Mohammed Manga revealed that the proposed bills “Nigeria Tax Bill (NTB) 2024, Nigeria Tax Administration Bill (NTAB) 2024, Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and Joint Revenue Board (Establishment) Bill (JRBEB) 2024” were forwarded to the National Assembly by President Bola Ahmed Tinubu in October 2024 and passed second reading in November.

Senate President Godswill Akpabio, in his remarks, urged Nigerians to embrace the proposed reforms, stating that modernising Nigeria’s tax administration is crucial for the nation’s future prosperity. He stressed the need to leave behind outdated tax practices and bureaucratic hurdles in favour of a transparent, business-friendly system that aligns with contemporary realities.

Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, emphasised that the reforms aim to create a fairer, more efficient, and investment-friendly economy. “This process will be thorough, inclusive, and guided by national interest” he assured stakeholders.

Advocating for support, Edun highlighted the administration’s commitment to fostering a tax environment that encourages investment, job creation, and sustained economic growth. He stressed that the goal of the reforms is to “tax prosperity” while enabling struggling businesses to reinvest and grow before being taxed.

The Minister also pointed to improvements in Nigeria’s macroeconomic outlook, citing rising foreign reserves, stabilised inflation, and a narrowing budget deficit as signs of progress resulting from ongoing reforms.

The hearing provides a platform for stakeholders to share their perspectives on shaping a tax system that supports inclusive growth and benefits all Nigerians.

The passage of these tax reform bills will mark a significant milestone in Nigeria’s journey towards a more efficient, effective, and investment-friendly tax system.

The Ministry of Finance reiterate that it remains committed to working with stakeholders to ensure that these reforms benefit all Nigerians and drive sustained economic growth.