The President of the Senate, Godswill Akpabio, has assured stakeholders in the business community and beyond that the Red Chamber would be thorough as it is not in a hurry to pass the tax reform bills.
Akpabio gave the assurance during the public hearing on tax reform bills organised by the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger).
The four bills are: the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, the Joint Revenue Board Bill, and the Nigeria Tax Bill, which have been passed for a second reading by both the Senate and the House of Representatives.
Stakeholders representative from the different economic sectors presented their recommendations on the bills during the public hearing.
Read Also :
- Naccima-tasks-lawmakers-dont-stripe-ftzs-of-tax-exemptions/
2. Diverse-perspectives-from-man-and-naccima-on-ftzs-tax-reform-bills/
Akpabio said that after collecting inputs from the public, the committee will thoroughly review the submissions on the proposals and make necessary adjustments before submitting its report for consideration.
“So we are not in a hurry. We want the best for the country. We are not making laws for ourselves. We are making laws for future generations”, he said. Akpabio emphasised the need to modernise Nigeria’s tax system, aligning it with contemporary realities to foster growth, transparency, and efficiency.
Akpabio describes the reforms as a “transformative step forward,” not that taxation is not merely a government function but a shared responsibility that shapes national prosperity.
“A nation that fails to adapt its revenue system to the realities of our time risks stagnation and decline,” he stated.
“These reforms go beyond legislative formalities.They represent a collective effort to establish a tax framework that is robust, transparent, and business-friendly, ensuring that Nigeria’s economy thrives in an increasingly competitive global landscape”, he said.
National interest will guide process – Senate panel
Earlier, the Chairman of the Senate Committee on Finance, Sani Musa said that the committee will be guided by national interest, fairness and inclusivity in handling the proposed tax reform.
He said the committee has acknowledged concerns about alleged marginalisation, disproportionate sharing, and possible biases in tax administration and revenue allocation.
He assured that the process will be thorough, inclusive, and guided by national interest.
“Our goal is to develop a tax framework that promotes economic prosperity, encourages investment, and strengthens Nigeria’s fiscal sustainability. A fair, transparent, and efficient tax system is fundamental to economic growth and national development.
“As we deliberate, let me emphasize that transparency, fairness, and inclusivity will be our guiding principles,” he said.