To ensure a comprehensive review of the proposed tax reforms, the senate has invited 71 key stakeholders to attend the public hearingÂ
The senate committee on finance has announced that it will commence a two-day public hearing on the tax reform bills on Monday and Tuesday next week.
Parliament Reports recalls that these bills were submitted to the National Assembly by President Bola Tinubu on October 3, 2024, and have since faced criticism from a cross-section of the public.
The bills however passed their second reading in the senate on November 28, 2024.
The bills under review are:
1.Nigeria Tax Bill (NTB) 2024
2.Nigeria Tax Administration Bill (NTAB) 2024
3.Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
4.Joint Revenue Board (Establishment) Bill (JRBEB) 2024
Addressing journalists after a closed-door meeting with committee members on Wednesday, the chairman of the senate committee on finance, Sen. Sani Musa (APC, Niger east), emphasised that the public hearing follows extensive consultations with relevant stakeholders.
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Schedule for the public hearing
•Monday: Deliberations on the Joint Revenue Board Establishment Bill and the Nigeria Revenue Services Bill
•Tuesday: Focus on the Nigeria Tax Administration Bill and the Nigeria Tax Bill
Key stakeholders expected at the public hearing
To ensure a comprehensive review of the proposed tax reforms, the senate has invited 71 key stakeholders, including:
•Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
•Attorney General of the Federation, Lateef Fagbemi (SAN).
•Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji.
•Statistician General of the Federation & CEO, National Bureau of Statistics (NBS), Prince Adeyemi Adeniran.
•Minister of Petroleum, Heineken Lokpobiri.
•Minister of Trade and Investment, Dr. Jumoke Oduwole.
Objectives of the tax reform bills
Sen. Musa explained that the bills aim to enhance tax administration, revenue collection, and overall economic operations in Nigeria. The reforms are expected to:
•Increase government revenue to support infrastructure, education, agriculture, and other critical sectors.
•Align Nigeria’s economy with advanced global standards.
•Address inefficiencies in tax collection and create a more transparent tax system.
He assured that the legislative process remains independent, with President Tinubu emphasising non-interference in the National Assembly’s deliberations.
Engagements with finance ministry & national assets register
Before the closed-door session, the committee met with the Ministry of Finance Incorporated (MOFI), led by its Managing Director, Dr. Armstrong Tokang. MOFI was instructed to provide the committee with the National Assets Register for further examination.
The public hearing is expected to provide a platform for stakeholders to address concerns and refine the bills to ensure effective tax policy implementation in Nigeria.
