Abuja, Nigeria — The Senate Committee on Finance is set to hold a two-day public hearing on tax reform bills, aimed at enhancing Nigeria’s revenue system and economic growth.
The hearing, scheduled for Monday and Tuesday, follows the submission of four key tax reform bills to the National Assembly by President Bola Tinubu.
In a statement issued by the Committee Chairman, Senator Mohammed Sani Musa (Niger East), the Finance Committee reaffirmed its commitment to a thorough legislative review of the bills, which include:
– The Nigeria Tax Bill (NTB) 2024
– The Nigeria Tax Administration Bill (NTAB) 2024
– The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
– The Joint Revenue Board (Establishment) Bill (JRBEB) 2024
Having passed the second reading on November 28, 2024, the bills were referred to the Finance Committee for further deliberations through public consultations.
Stakeholder Engagement and Legislative Transparency
Speaking after a closed-door session with committee members in Abuja, Senator Musa emphasized that the public hearing follows extensive consultations with relevant stakeholders.
According to him, deliberations on the Joint Revenue Board Establishment Bill and Nigerian Revenue Services Bill will take place on Monday, while discussions on the Nigerian Tax Administration Bill and Nigeria Tax Bill will hold on Tuesday.
The hearing will feature input from key government and industry figures, including:
- Minister of Finance & Coordinating Minister of the Economy, Wale Edun
- Attorney-General of the Federation, *Lateef Fagbemi (SAN)
- Chairman, Federal Inland Revenue Service, Zacch Adedeji
- Statistician-General & CEO, National Bureau of Statistics, Prince Adeyemi Adeniran
- Ministers of Petroleum, Trade & Investment
- Representatives from 71 stakeholder groups
Driving Economic Growth Through Reforms
Senator Musa highlighted that the primary aim of the tax reform bills is to strengthen revenue generation and bolster economic development across key sectors such as infrastructure, education, and agriculture.
“Our goal is to position Nigeria among leading global economies by ensuring a sustainable revenue framework that supports national growth,” he stated.
He further assured Nigerians that the legislative process remains independent and transparent.
“President Tinubu has made it clear that he will not interfere. It is our duty as legislators to pass laws that will drive economic progress,” he added.
Meanwhile, the Finance Committee has directed the Ministry of Finance Incorporated (MOFI) to provide the National Assets Register to aid its legislative review. The upcoming public hearing is expected to shape Nigeria’s tax policy framework and address critical concerns from key economic stakeholders.
By Taiwo Olatinwo | February 20, 2025
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