The Nigerian Senate will begin a two-day public hearing on February 24 and 25, 2025, to discuss four critical tax reform bills presented by President Bola Tinubu.
These bills aim to overhaul Nigeria’s tax system and revenue generation strategies, a move expected to modernize the country’s fiscal policy.
Chairman of the Senate Committee on Finance, Senator Sani Musa, confirmed the session on Wednesday, noting that each day would address two of the four bills: the Nigeria Tax Bill, 2024; Nigeria Tax Administration Bill; Nigeria Revenue Service Establishment Bill; and Joint Revenue Board Establishment Bill. “We aim to ensure the press and the public are fully informed about our intentions,” Sen. Musa said.
The bills were previously passed for a second reading in the House of Representatives, which sparked extensive debates. Musa emphasised that the tax reforms would elevate Nigeria to the level of advanced economies, providing adequate funding for critical sectors like infrastructure, agriculture, and education. “We’ve thoroughly reviewed the bills, engaging with key stakeholders before moving forward,” Sen. Musa explained.
The hearing will include submissions from influential figures such as the Federal Minister of Finance, Minister of Trade, and the Attorney-General of the Federation, among others.
Despite opposition, particularly from northern governors who oppose aspects of the proposed VAT sharing formula, President Tinubu has stood by the reform bills. “It is our duty to enact laws for the country’s economic growth,” Musa added. The National Assembly will work toward legislation that meets the needs of all Nigerians, he reassured.
The bills, crafted by the Presidential Committee on Tax Reforms and Fiscal Policy, have sparked intense debate, but their passage is seen as vital for Nigeria’s economic future.
