Senate to pass tax reform bills, Wednesday
The Nigerian Senate is scheduled to begin consideration and possible passage of a set of contentious Tax Reform Bills on Wednesday, several months after their introduction by President Bola Tinubu.
Senate President Godswill Akpabio made this announcement during Tuesday’s plenary, following the submission of the report by Senator Sani Musa, Chairman of the Senate Committee on Finance.
Akpabio instructed the committee to ensure all senators received copies of the report to facilitate a detailed review and allow for meaningful input during the deliberations.
The proposed legislation includes the Nigeria Tax Bill 2024, Nigeria Tax Administration Bill 2024, Nigeria Revenue Service (Establishment) Bill 2024, and the Joint Revenue Board (Establishment) Bill 2024. Collectively, these bills aim to initiate a comprehensive reform of Nigeria’s tax structure.
In his welcome address to senators returning from the Easter and Eid-el-Fitr recess, Akpabio urged them to prioritise the nation’s deepening security and economic crises.
He pointed to violent unrest in the South-East and North-West, ongoing herder-farmer clashes in the North-Central region, and worsening environmental degradation in the South-South, which he described as “the bleeding wounds of the republic.”
He further drew attention to the growing cost of living, instability in the energy sector, and the overall security situation, describing these as urgent matters requiring legislative action.
Reflecting on the recent religious season, he remarked, “The burdens on our shoulders are enormous, and no season better prepares the soul to carry such burdens than the one we’ve just passed through.”
Akpabio reiterated the Senate’s commitment to supporting President Tinubu’s administration, vowing to deliver strong legislation and oversight in a bid to help restore stability to the country.
In addition to economic and security matters, the Senate President addressed the rising public demand for electoral and judicial reform.
He called on his colleagues to respond to these concerns with courage and resolve, stating, “The people are watching. The world is watching. Our constituents are watching. And history, silent but unsleeping, is watching.”
The deliberations on the Tax Reform Bills come at a time of heightened scrutiny of the government’s fiscal policies and their implications for Nigerians already burdened by inflation and economic hardship.
