Senate begins public hearing on tax reforms, wants equitable system

The Nigerian Senate has officially commenced a two-day public hearing on tax reform bills aimed at restructuring the country’s tax system.

Chairman of the Senate Committee on Finance, Senator Sani Musa, confirmed the hearing schedule, stating that two bills will be reviewed each day.

The proposed reforms include the Joint Revenue Board Establishment Fund Bill, the Nigerian Revenue Services Bill, the Nigerian Tax Administration Bill, and the Nigerian Tax Bills.

Musa emphasized that the reforms are crucial to the Federal Government’s fiscal strategy and economic revival. He noted that the goal is to boost revenue generation while ensuring that critical sectors such as infrastructure, education, and agriculture receive adequate funding.

“We have carefully studied these bills and engaged with various stakeholders before arriving at this stage. The public hearing will help refine the proposals, ensuring they align with the broader economic vision of the country,” Musa said.

The Senate committee has invited key government officials, including the Minister of Finance and Coordinating Minister of the Economy, the Minister of Trade and Investment, the Attorney-General of the Federation, and the Chairman of the Federal Inland aætatrtt Revenue Service, among others.

Meanwhile, Speaker of the House of Representatives, Tajudeen Abbas, has set up a special committee led by Finance Committee Chairman Abiodun Faleke to oversee the House’s public hearing. The committee includes regional caucus leaders to ensure a broad-based review of the tax bills.

The hearings come amid concerns from various groups, with some expressing reservations about specific provisions in the proposed reforms. While some stakeholders argue that the changes could drive economic growth and enhance efficiency, others fear they may impose additional burdens on businesses and individuals.