Senate President Godswill Akpabio has stressed the importance of the ongoing tax reform bills, describing them as crucial to Nigeria’s future. Speaking at the Senate’s public hearing on Monday, Akpabio assured that the legislative body would take its time to carefully review every clause before passing the bills into law.
He noted that Nigeria faces a significant challenge in tax collection, with less than 30% of the population paying taxes. Despite this, citizens still expect the government to provide high-quality infrastructure, education, and security. Akpabio pointed out that the country cannot continue with outdated fiscal policies and must explore new ways to boost revenue.
The tax reform bills, submitted by President Bola Tinubu on October 3, 2024, aim to address these issues. Once enacted, Akpabio said the National Assembly would enhance its oversight to ensure that government funds are used effectively and transparently.
He also urged Nigerians to engage with the bills based on facts rather than relying on social media for information. “I will be here for two days, actively participating in the process because I am tired of social media narratives. Many of our leaders have not even seen the content of these bills before attacking the process,” Akpabio stated.
The Senate President encouraged stakeholders to obtain copies of the bills, study them thoroughly, and contribute meaningfully instead of spreading misinformation. He warned against the dangers of basing opinions on unverified online discussions, calling them “garbage in, garbage out.”
The public hearing, held in Room 022 of the Senate Wing, brought together top government officials, including:
- Wale Edun – Minister of Finance and Coordinating Minister of the Economy
- Lateef Fagbemi (SAN) – Attorney General of the Federation
- Zacch Adedeji – Chairman, Federal Inland Revenue Service (FIRS)
- Comptroller-General of the Nigeria Customs Service
The Senate Committee on Finance, chaired by Senator Sani Musa, is leading the review process. Musa noted that 71 stakeholder groups had been invited to share their input on the proposed bills. He added that both the Senate and the House of Representatives had completed the second reading and were now ready for detailed discussions.
“The purpose of these reform bills is to boost government revenue generation, enabling Nigeria to move towards an advanced economy where infrastructure, education, and agriculture—key pillars of national development—are adequately funded,” Musa stated.
The tax reform package includes four key bills:
- 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 second reading in the Senate on November 28, 2024, and referred to the Committee on Finance for further legislative review.
