Senate Begins Public Hearing On Tax Reform Bills On Monday
The Senate will, on Monday and Tuesday next week, carry out public hearings on tax reform bills forwarded to both chambers on October 3rd, 2024, by President Bola Tinubu.
‘Addressing journalists Wednesday in Abuja, Chairman, Senate Committee on Finance, Senator Sani Musa, APC, Niger East, after a closed-door meeting held with members of the committee ahead of the public hearing, said that it will come after wide consultations made with relevant stakeholders.
Senator Musa, who noted that the bills on the Joint Revenue Board establishment bill and the Nigerian Revenue Services Bill will be deliberated upon on Monday, while the one on Nigerian Tax Administration and the Nigerian Tax Bill will be focused upon on Tuesday.
According to him, for thorough consideration of the bills that are designed to change the dynamics of the nation’s economy, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the Attorney General of the Federation, Lateef Fagbemi (SAN), the Chairman of Federal Inland Revenue Service, Zacch Adedeji, the Statistician General of the Federation and Chief Executive, National Bureau of Statistics, Prince Adeyemi Adeniran, the Minister of Petroleum and his counterpart in the Ministry of Trade and Investment, etc., are expected at the public hearing.
He said, “The committee is inviting Nigerians totalling 71 different groups of stakeholders for the very important public hearing.
“Both the Senate and the House of Representatives have done the second reading on the reform bills and are ready for the public hearing.
“The bills have been read by all members of the committee with a better understanding of what they are aimed at, like in the areas of tax administration, collection and operations in Nigeria.
“The main purpose of the reform bills is to see how the government will generate more revenue so that we’ll be able to put our country on the pedestrian of advanced economies where infrastructure, education, the agricultural sector and virtually every sector that revolves around the ecosystem of the economy will be adequately taken care of.
“Expectedly, we have had engagements with a lot of stakeholders before arriving at where we are today, and I believe that the public hearing is going to go on smoothly, and wherever the grey areas are, they will be addressed.
“Mr President himself has said it, times without number, that he’s not going to interfere. It is our duty as legislators to do the needful for the good of this country.
“We are all representatives of different tribes, religions, and geographic histories, but we are Nigerians. And what we will work towards giving Nigeria are laws and legislation that will put us on track economically, and by the grace of God, I think… We will succeed.”
Earlier, before the closed-door session, the committee met with the top management of the Ministry of Finance Incorporated (MOFI), led by its managing director and Chief executive officer, Dr Armstrong Tokang, who was directed to provide the committee with the national assets register of the country.
The tax reform bills, which are (i) The Nigeria Tax Bill (NTB) 2024, (ii)The Nigeria Tax Administration Bill (NTAB) 2024, ( iii)The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024 and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024, were passed for second reading in the Senate on 28th of November, 2024, and forwarded to the Committee on Finance for more legislative inputs through public hearing.
