The Senate has commenced a two-day public hearing on proposed tax reform bills, engaging key economic and financial stakeholders to discuss and shape crucial fiscal policies. The aim is to modernize Nigeria’s tax laws, tackle tax evasion, and create a business-friendly system that boosts government revenue and investor confidence.
The hearing commenced at the National Assembly, with the participation of high-profile government officials and industry leaders. Among the key attendees were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; members of the Federal Executive Council; heads of relevant agencies; and the Comptroller General of Customs, Adewale Adeniyi, among others.
Chairman of the Senate Committee on Finance, Senator Sani Musa, confirmed the hearing schedule, stating that two bills will be reviewed each day. The proposed reforms include the Joint Revenue Board Establishment Fund Bill, the Nigerian Revenue Services Bill, the Nigerian Tax Administration Bill, and the Nigerian Tax Bills.
Senator Sani Musa assured that the tax reform process would be conducted transparently and in alignment with national interests. He emphasized that the hearing is focused on reviewing and updating Nigeria’s tax laws to reflect current economic realities.
Musa further noted that the primary goal is to enhance revenue generation while ensuring that key sectors such as infrastructure, education, and agriculture receive the necessary funding for sustainable growth and development.
The hearings take place against a backdrop of mixed reactions from various groups. While some stakeholders believe the proposed reforms could spur economic growth and improve efficiency, others worry that certain provisions may place additional financial strain on businesses and individuals.
Senator Musa urged stakeholders including private sector representatives, civil society groups, and the general public to actively participate in the discussions, stressing that collaborative input is crucial for shaping tax policies that drive economic growth and national prosperity.
