The House of Representatives has resumed discussions on four tax reform bills introduced by President Bola Tinubu, marking progress after months of delay. The bills, backed by the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms, have reached the second reading stage.
The proposed laws include:
• Nigeria Tax Bill 2024
• Tax Administration Bill
• Nigeria Revenue Service Establishment Bill
• Joint Revenue Board Establishment Bill
While some lawmakers support the reforms, critics—including northern governors—have raised concerns about constitutional conflicts. Representative Sada Soli cautioned against vague provisions on revenue derivation, warning that they could create legal disputes.
Lawmakers push for Capital Market Literacy Fund
lawmakers questioned the inclusion of amendments to 40 existing laws, demanding thorough scrutiny. The debate remains heated, particularly regarding multiple taxation policies affecting property transactions.
Yoruba Youth Group rejects National Assembly Clerk Appointment Bill
In a bid to revitalize Nigeria’s capital market and boost investor confidence, the Senate Committee on Capital Market has urged the Minister of Finance, Wale Edun, to approve a ₦10 billion special funding for literacy development in the sector.
During an interactive session with Edun and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, Committee Chairman Senator Osita Izunaso emphasized the urgent need to increase public awareness and participation. He lamented that only about 5,000 investors are currently active in the Nigerian capital market, stressing that financial illiteracy is a major barrier to growth.
“We are asking for a special capital allocation to fund literacy development in the capital market. This is where the problem is, and if addressed, we can see a significant improvement,” Izunaso said.
Senator Victor Umeh (LP-Anambra Central) echoed his concerns, arguing that a well-functioning capital market is a key driver of economic growth. He pointed out that past incidents of investor losses have eroded public trust, making financial education essential.
Similarly, Senator Sani Musa, Chairman of the Senate Committee on Finance, backed the proposal, urging the government to consider budgetary allocations for capital market awareness campaigns.
Responding to the appeal, Minister Wale Edun reaffirmed President Bola Tinubu’s vision of achieving a $1 trillion economy. He stated that the government is working to stabilize the macroeconomic environment, which in turn will create better investment opportunities and strengthen the capital market.
With Nigeria seeking to attract more investors and deepen financial markets, the call for a ₦10 billion literacy fund underscores the growing recognition of education as a tool for economic transformation.
The Concerned Yoruba Youth of Nigeria has strongly opposed a proposed bill by the Speaker of the House of Representatives, which seeks to restrict the appointment of the Clerk to the National Assembly (CNA) to only individuals who have previously served within the chambers.
At a press conference in Lagos, the group’s National President, Oluwasegun Thompson, and National Secretary, Ayofemi Badmus, described the bill as discriminatory, arguing that it undermines merit-based appointments.
“The Clerk of the National Assembly plays a crucial role in ensuring smooth legislative operations, providing procedural guidance, and managing administrative affairs. These responsibilities require competence, experience, and strong leadership—not just prior service within the chambers,” the group stated.
They further argued that the bill disregards the contributions of the National Assembly Service Commission (NASC), whose employees have dedicated years to legislative administration.
“By limiting the CNA appointment to only chamber-experienced individuals, the bill negates the essence of the NASC’s role and career growth opportunities for its staff,” the statement added.
The group warned that the bill could lead to legal and ethical concerns, erode morale among NASC staff, and exclude qualified candidates who have extensive knowledge of parliamentary procedures.
They called on Speaker Tajudeen Abbas to withdraw the bill immediately, urging lawmakers to resist any move that could stifle career progression within the National Assembly.
