Senate announces public hearing on tax reform bills

House extends public hearing by three days
Senate Committee on Finance has finalised arrangements for a two-day public hearing on four key tax reform bills aimed at restructuring Nigeria’s tax administration and boosting Federal Government revenue.

Barring last-minute changes, the House of Representatives will extend sitting for three days next week to enable Nigerians bare their minds on the controversial tax reform bills, for wider and knowledge-based participation in addressing all contentious areas in the bills.

Chairman of the Senate Committee on Finance, Mohammed Musa, disclosed this, yesterday, while briefing newsmen on the role of the Ministry of Finance Incorporated (MOFI) in managing the government’s assets and portfolios after a session with it.

He acknowledged MOFI’s efforts in implementing new economic reforms and noted areas for improvement, which the institution pledged to address.

Following the briefing, the committee held a closed-door session, during which members unanimously agreed on key aspects of the coming public hearing on the all-important tax bills, scheduled for February 24 and 25, 2025.

Musa said the hearing, which would be open to all stakeholders, would focus on the Joint Revenue Board Establishment Reform Bill, the Nigerian Revenue Services Bill, the Nigerian Tax Administration Bill and the Nigerian Tax Bill.

He emphasised that the reforms were designed to streamline tax collection, improve efficiency, and increase the government’s revenue for infrastructure, education and economic development.

“We are committed to ensuring a transparent and inclusive legislative process. This public hearing will provide an opportunity for stakeholders, including government agencies, business leaders, tax professionals and civil society organisations, to contribute to shaping Nigeria’s tax future,” he said.

According to the senator, the National Assembly remains independent in this process.

He added: “President Bola Tinubu has made it clear that he will not interfere. It is our duty as legislators to enact laws that will benefit the country economically.

“With this announcement, the Senate is calling on Nigerians to actively engage in the process to ensure a fair, effective and sustainable tax system for the country’s future.”

ALREADY the leadership of the House has slated Tuesday next week for the inauguration of the committee to oversee the public hearing on the bills starting on Wednesday, February 26, 2015 by 10am at the temporary Chambers of the House of Representatives.

The Speaker, Tajudeen Abbas, disclosed that some House members, who also chair House caucuses, were incorporated into the membership of the House Committee on Finance to handle the public hearing.

Abbas explained that Tuesday, February 25, would be dedicated to an overview of the bills and initial stakeholders’ inputs, while Wednesday would be dedicated to discussing the key provisions and allowing for expert input.

“We encourage all members to participate, be there to observe and to contribute. We may not have plenary on Tuesday, Wednesday and Thursday, to ensure that all members of the House are going to fully participate.

“So we encourage all honourable members and stakeholders to actively participate in these sessions to ensure that we understand the implication of the tax reform bills. Your contributions are invaluable as we work towards effective tax reforms,” he urged.