Four months after introducing a series of tax reform bills to the National Assembly, President Bola Tinubu has reiterated the urgent need for their passage, emphasizing the importance of a modernized tax system in driving economic growth and national development.
Speaking at a public hearing on the bills, Senate President Godswill Akpabio underscored the necessity of tax reforms, stating that Nigeria must decide whether to embrace progressive policies to shed its reputation as a “sleeping giant” or remain stuck with outdated and ineffective tax structures.
The proposed reforms aim to broaden the tax base, improve compliance, and enhance revenue generation to fund critical infrastructure and social services. Several senators acknowledged the benefits of the bills, citing their potential to create a more business-friendly environment while boosting government revenue.
However, Akpabio also expressed concerns over widespread tax evasion, criticizing citizens who demand improved governance and public services while failing to fulfill their tax obligations. He stressed that for the government to meet public expectations, there must be a collective commitment to tax compliance.
The Senate is expected to fast-track deliberations on the bills in the coming weeks as stakeholders push for a fair and efficient tax system that balances economic growth with fiscal responsibility.
