Public Hearing Scheduled for Landmark Tax Bills-Senate

The Senate has scheduled a two-day public consultation on President Bola Tinubu’s four tax reform bills, designed to enhance the nation’s tax system.

Sen. Sani Musa, Chairman of the Senate Committee on Finance, announced on Wednesday in Abuja that the public consultation would be held on February 24 and 25.

After extensive debate, the Nigerian House of Representatives passed the four tax reform bills for a second reading.

“We plan to address two of the bills each day of the session to keep the press fully informed about our intentions,” explained Sen. Musa.

The four bills under review are the Nigeria Tax Bill, 2024; Nigeria Tax Administration Bill; Nigeria Revenue Service Establishment Bill; and Joint Revenue Board Establishment Bill. According to Sen. Musa, these bills will significantly revamp the country’s tax administration and revenue generation, with many provisions being groundbreaking.

Significance of the Bills He added that the bills would elevate Nigeria to the level of advanced economies, ensuring adequate funding for infrastructure, education, agriculture, and other sectors of the economy.

Sen. Musa noted that committee members had thoroughly studied the bills and engaged with various stakeholders before deciding to hold the public hearing. He expressed confidence that the hearing would proceed smoothly and emphasized that President Bola Tinubu had assured there would be no interference in the tax reform process.

“It is our duty as legislators to do what is necessary for the good of this country. We represent different tribes, religions, and regions, but we are all Nigerians. Our goal is to enact laws that will put us on track economically. By the grace of God, we will succeed,” Sen. Musa stated.

The public hearing will invite several key figures, including the Federal Minister of Finance and Coordinating Minister of Economy, the Minister of Trade and Investment, and the Attorney-General of the Federation.

Additionally, the Minister of Petroleum Resources, the Chairman of the Federal Inland Revenue Services, and the Statistician-General of the Federation will also be invited to provide their submissions.

Sen. Musa assured that the National Assembly would ultimately produce tax administration legislation that would be acceptable to Nigerians.