By Abiola Olawale
The Nigerian Senate is set to hold a two-day public hearing on the Tax Reform Bills on Monday, February 24, 2025, and Tuesday, February 25, 2025.
This has expectedly triggered some reactions from Nigerians. While some see it as a welcome development, others believe it is unnecessary at this point in time. ” Let’s focus on improving the economy rather than taxing the people who are already stretched,” an analyst wrote.
The public hearing is organized by the Senate Committee on Finance.
The development follows the submission of four tax reform bills by President Bola Tinubu to the National Assembly on October 3, 2024. The bills under consideration are the Nigeria Tax Bill, 2024, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill.
The process comes after extensive consultations with relevant stakeholders, as announced by Senator Sani Musa, Chairman of the Senate Committee on Finance.
Musa also explained that the public hearing aims to gather input from stakeholders to refine these bills, which seek to overhaul Nigeria’s tax administration and enhance revenue generation.
The hearing will involve key government officials and 71 stakeholder groups, with discussions scheduled to cover two bills per day: the Joint Revenue Board Establishment Bill and the Nigeria Revenue Service Establishment Bill on Monday, and the Nigeria Tax Administration Bill and Nigeria Tax Bill on Tuesday.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the Attorney-General of the Federation, and Minister of Justice, Lateef Fagbemi, SAN, and Chairman of Federal Inland Revenue Service, FIRS, Zacch Adedeji, would be at the public hearing.
Also expected to attend are the Statistician General of the Federation and Chief Executive, National Bureau of Statistics, Prince Adeyemi Adeniran, the Minister of Petroleum and his counterpart in the Ministry of Trade and Investment etc.
He said: “The committee is inviting Nigerians, totalling 71 different groups of stakeholders for the very important public hearing.
“Both the Senate and the House of Representatives have done the second reading on the reform bills and are ready for the public hearing.
“The bills have been read by all members of the committee with a better understanding of what they are aimed at, such as in the areas of tax administration, collection and operations in Nigeria.
“The main purpose of the reform bills is to see how the government will generate more revenue, so we’ll be able to put our country on the pedestal of advanced economies where infrastructure, education, agriculture and virtually every sector that revolves around the ecosystem of the economy will be adequately taken care of.
“Expectedly, we have had engagements with a lot of stakeholders before arriving at where we are today, and I believe that the public hearing is going to go on smoothly, and wherever the grey areas are, they will be addressed.
“Mr. President himself has severally that he’s not going to interfere. It is our duty as legislators to do the needful for the good of this country.
“ We are all representatives of different tribes, religions, and geographic histories, but we are Nigerians. And what we will work towards giving Nigeria are laws, legislations that will put us on track economically, and by the grace of God, I think we will succeed.”
