Senate President Godswill Akpabio has defended President Bola Tinubu’s proposed tax reform bills, stating that they are crucial for Nigeria’s economic future. Speaking in Abuja at the Senate Committee on Finance’s public hearing on the bills, Akpabio urged stakeholders to scrutinize the provisions rather than rely on misinformation.
The bills in question include the Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB) 2024, the Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024.
Akpabio dismissed fears surrounding the reforms, emphasizing that less than 30% of Nigerians currently pay taxes while demanding better governance and services. He stressed the need for alternative revenue sources as crude oil earnings decline.
The public hearing saw participation from top government officials, including Finance Minister Wale Edun, the Attorney General’s Office, and representatives from tax and revenue agencies. Most stakeholders supported the reforms but recommended adjustments, particularly on the VAT sharing formula, aligning with the Nigerian Governors’ Forum’s stance.
Chairman of the Senate Finance Committee, Sen. Sani Musa, reaffirmed Tinubu’s directive to create workable tax laws that would enhance revenue without imposing undue burdens.
