Tax Reform Bills Critical For Economic Devt—Akpabio

President of the Nigerian Senate, Godswill Akpabio wants Nigerians to embrace the tax reform bills.

According To Senator Akpabio, reforming Nigeria’s tax administration was the country’s future prosperity.

He stated this in Abuja at the beginning of a two-day public hearing organised by the Senate Committee on Finance on the proposed four tax reform bills.

The four bills are the Nigeria Tax Bill 2024, The Nigeria Tax Administration Bill 2024, The Nigeria Revenue Service Establishment Bill 2024, and the Joint Revenue Board Establishment Bills 2024.

Akpabio in his speech titled, “New Dawn Embracing Tax Reform for a Prosperous Nigeria”, said the public hearing was a transformative step forward in the nation’s collective journey toward economic renewal and prosperity for all Nigerians.

He said the public hearing was a profound responsibility that stakeholders must embrace with courage, wisdom, and a steadfast commitment to the Nigerian people. MO

He said that as Nigerians look into the future, they must remember that a nation that fails to adapt its revenue system to the realities of the time risks stagnation and decline.

Akpabio said Nigeria had chosen to leave behind outdated tax practices and bureaucratic hurdles to a tax administration that would be robust, transparent, and conducive to businesses.

He said the public hearing represents more than a legislative requirement, saying that it was a call to collective action.

According to him, the public hearing is a platform for dialogue where lawmakers, tax administrators, businesses operators and citizens come together to craft a fair, transparent and effective tax regime that reflects the interests of all.

He said the four bills sought to harmonise revenue administration across all tiers of government.

“The bills seek to reduce the cost of tax collection and enhance compliance, foster transparency, accountability and efficiency in tax administration.”

According to him, the bill will introduce digital innovations to simplify tax payments and close loopholes while ensuring fairness, protecting vulnerable taxpayers, and creating an environment ripe for economic growth.

“We cannot afford to be fragmented in our approach to revenue generation, instead, we must come together, as Federal, State and Local Governments, alongside the private sector and civil society to create a tax system that truly works for all.”

He said the 10th National Assembly was fully committed to enacting legislative reforms that would strengthen the nation’s economic foundation, empower businesses, and enhance accountability within the government.

“The success of this public hearing hinges on your active engagement, and I encourage all stakeholders to contribute meaningfully to this dialogue.”

“Let us use this moment, not just for ourselves, but for future generations, to lay the foundation for a stronger, more resilient and prosperous Nigeria.”

Chairman of the Committee, Sen. Sani Musa said the committee acknowledges concerns about marginalisation, disproportionate sharing, and possible biases in tax administration and revenue allocation.

He, however, assured that the process of the tax reform would be thorough, inclusive, and guided by national interest.

He said the National Assembly’s goal was to develop a tax framework that promotes economic prosperity, encourages investment, and strengthens fiscal sustainability.

James Itodo, Edited By Grace Namiji