President of Senate Godswill Akpabio has urged Nigerians to embrace the tax reform bills, saying that reforming the tax administration was the country’s future prosperity.
Mr Akpabio said this in Abuja on Monday 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.
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Mr 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.
He said 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 out-dated tax practices and bureaucratic hurdles, to a tax administration that would be robust, transparent and conducive to business.
He said the public hearing represents more than a legislative requirement, saying it was a call to collective action.
According to him, the public hearing is a platform for dialogue where lawmakers, tax administrators, business 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.”
He said the bill would 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.”
The Chairperson 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.
He also said that transparency, fairness and inclusivity would be the guiding principles throughout the process.
He said the bills aimed to simplify tax compliance, improve revenue collection and eliminate inefficiencies.
Mr Sani urged all stakeholders, tax professionals, civil society organisations and the general public to actively contribute to the discussion, saying that their input was vital in shaping a tax regime that works for Nigerians.
The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, said there was a need for the all-important reforms in the nation’s tax administration, given the need to improve revenue generation for infrastructure development and economic growth.
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He said the public hearing would give opportunities for stakeholders to make inputs and be carried along in the process.
The event was attended by some revenue generating agencies such as Nigeria Custom Service (NCS), Federal Inland Revenue Service (FIRS) and Nigerian National Petroleum Company Limited (NNPCL).
Others are Nigerian Immigration Service (NIS) among other organisations and tax related NGOs and associations.
(NAN)
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