The Senate Committee on Finance will initiate a two-day public hearing on tax reform bills starting from February 24th to 25th. This announcement was made following a closed-door session chaired by Senator Sani Musa.
Senator Musa confirmed, “We are set to examine two bills each day during this public hearing. The meeting will be open to the public, particularly inviting stakeholder organizations to participate in the discussion surrounding the Joint Revenue Board Establishment Fund Bill, the Nigerian Revenue Services Bill, the Nigerian Tax Administration Bill, and the Nigerian Tax Bills.”
These bills were presented by President Bola Tinubu last year, and the Senate has completed the second reading. The proposed reforms aim to enhance tax administration, collection processes, and the overall operations of the tax system in Nigeria.
Musa highlighted the government’s goal to generate increased revenue, which is essential for advancing Nigeria into a status akin to more developed economies. This revenue growth is expected to fund vital sectors such as infrastructure, education, and agriculture.
The committee chair further emphasized the alignment with the President’s vision, stating the committee has thoroughly examined the bills and engaged with numerous stakeholders to shape the upcoming hearings.
Invitations have been extended to key officials, including the Minister of Finance, the Minister of Trade and Investment, and the Attorney General of the Federation, among others. Musa noted the importance of these discussions to gain a real-time understanding of the economy’s dynamics.
The committee is dedicated to ensuring that the legislation passed will effectively enhance Nigeria’s tax administration and revenue systems, ultimately benefiting the nation and its citizens. Musa concluded by expressing optimism about the continuing collaboration with the Ministry of Finance and Investment (MOFI), recognizing its vital role in managing federal assets and portfolios.
