The Nigerian Senate is set to hold a two-day public hearing on the four tax reform bills presented by President Bola Tinubu, aimed at improving the country’s tax administration. The hearing will take place on February 24 and 25, according to Senate Committee on Finance Chairman, Sen. Sani Musa. The public session comes after a rigorous debate in the House of Representatives, which passed the bills for a second reading.
The four bills under review are the Nigeria Tax Bill, 2024; Nigeria Tax Administration Bill; Nigeria Revenue Service Establishment Bill; and the Joint Revenue Board Establishment Bill. Sen. Musa highlighted that these bills would significantly overhaul Nigeria’s tax framework, positioning the country alongside advanced economies and ensuring sufficient funding for vital sectors such as infrastructure, education, and agriculture.
The hearing will invite key figures, including the Federal Minister of Finance, the Minister of Trade and Investment, and the Attorney-General of the Federation, among others. Sen. Musa expressed confidence in the smooth conduct of the session, emphasizing the commitment of the National Assembly to enact laws that would advance the country’s economic development. He reassured the public that President Tinubu had promised there would be no interference with the process.
Despite the positive reception from the government and legislature, the reform bills have sparked opposition, especially from northern governors who argue that certain provisions, such as the VAT sharing formula, are detrimental to their region. The controversy has escalated into a regional dispute, with the National Economic Council urging the president to reconsider the bills for further consultations. However, President Tinubu has maintained that all concerns will be addressed in the National Assembly.
SOURCE: nairametrics