The Nigerian Senate will conduct a public hearing on the Tax Reform Bills on Monday and Tuesday next week through its Committee on Finance. President Bola Tinubu forwarded the bills to both chambers of the National Assembly on October 3, 2024.
The proposed legislation includes:
- The Nigeria Tax Bill (NTB) 2024
- The Nigeria Tax Administration Bill (NTAB) 2024
- The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
- The Joint Revenue Board (Establishment) Bill (JRBEB) 2024
These bills were passed for a second reading in the Senate on November 28, 2024, and subsequently referred to the Committee on Finance for further legislative scrutiny through public hearings. The hearings aim to gather stakeholder input and refine the bills before further legislative action.
Briefing journalists on Wednesday after a closed-door meeting held with members of the committee ahead of the public hearing, the Chairman, Senator Mohammed Sani Musa (APC Niger East), said the slated public hearing is coming after wide consultations made with relevant stakeholders.
Senator Sani Musa said the bills on the Joint Revenue Board Establishment Bill and Nigerian Revenue Services Bill will be deliberated upon on Monday, while the one on the Nigerian Tax Administration and Nigeria Tax Bill will be focused upon on Tuesday.
According to him, for thorough consideration of the bills aiming at changing the dynamics of the nation’s economy, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Attorney General of the Federation, Lateef Fagbemi (SAN); the Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Statistician General of the Federation and Chief Executive, National Bureau of Statistics, Prince Adeyemi Adeniran; the Minister of Petroleum; and his counterpart in the Ministry of Trade and Investment, etc., are expected at the public hearing.
“The committee is inviting Nigerians totalling 71 different groups of stakeholders for the very important public hearing,” he said.
“Both the Senate and the House of Representatives have done the second reading on the reform bills and are ready for the public hearing.
“The bills have been read by all members of the committee with a better understanding of what they are aimed at, like in the areas of tax administration, collection and operations in Nigeria.
“The main purpose of the reform bills is how the government will generate more revenue so that we’ll be able to put our country on the pedestal of advanced economies where infrastructure, education, the agricultural sector, and virtually every sector that revolves around the ecosystem of the economy will be adequately taken care of.
“Expectedly, we have had engagements with a lot of stakeholders before arriving at where we are today, and I believe that the public hearing is going to go on smoothly, and wherever the grey areas are, they will be addressed.
“Mr. President himself has said it, times without number, that he’s not going to interfere. It is our duty as legislators to do the needful for the good of this country.
“We are all representatives of different tribes, religions and geographic histories, but we are Nigerians. And what we will work towards giving Nigeria are laws and legislation that will put us on track economically, and by the grace of God, I think… We will succeed,” he explained.
Earlier, before the closed-door session, the committee met with the top management of the Ministry of Finance Incorporated (MOFI), led by its Managing Director and Chief Executive Officer, Dr Armstrong Tokang, who was directed to provide the committee with the National Assets Register of the country.
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