The Nigerian Senate has announced plans to conduct a two-day public hearing on tax reform bills, starting Monday, in a strategic effort to revamp the country’s tax structure and strengthen revenue generation.
The initiative was spearheaded by the Senate Committee on Finance, will involve consultations with key government officials and 71 critical stakeholders.
Following an extensive closed-door consultation, Senator Sani Musa, Chairman of the Senate Committee on Finance, emphasised that the public hearing would be thorough and transparent.
He reassured that all concerns raised by stakeholders would be addressed to ensure the best possible outcome for Nigeria’s economic future.
The discussions will centre around the Joint Revenue Board Establishment Bill and the Nigerian Revenue Services Bill. On Tuesday, deliberations will shift to the Nigerian Tax Administration Bill and the Nigerian Tax Bill. These legislative measures aim to modernise tax administration, enhance compliance, and boost government revenue.
A lineup of top government officials is expected to participate in the discussions. Among them are:
Wale Edun – Minister of Finance and Coordinating Minister of the Economy
Lateef Fagbemi – Attorney-General of the Federation
Zacch Adedeji – Chairman, Federal Inland Revenue Service
Prince Adeyemi Adeniran – Statistician-General and CEO, National Bureau of Statistics
Ministers of Petroleum, Trade, and Investment
The proposed tax reforms which are to streamline Nigeria’s tax policies, reduce inefficiencies, and create a more business-friendly environment and also aims to close loopholes, improve enforcement, and ensure fair taxation across various economic sectors.
The Senate Committee on Finance encouraged active participation from industry leaders, business owners, tax experts, and the general public. Stakeholder input is crucial to shaping policies that will be fair, efficient, and beneficial for all Nigerians.
