Senate President Godswill Akpabio has assured the National Assembly’s commitment to the swift passage of the tax reform bills proposed by President Bola Tinubu.
Speaking on Wednesday during the presentation of the 2024 budget, Akpabio emphasized the importance of the bills in achieving economic reforms and growth.
Addressing criticisms of the proposed tax reforms, Akpabio noted that many critics had not reviewed the provisions of the bills and were basing their opinions on assumptions.
He urged stakeholders and the public to engage with the bills’ content objectively, highlighting their potential benefits to Nigeria’s economy.
“We will not kill any reform that you have forwarded to us for consideration, Mr President, but rather engage Nigerians to see the merits in them.
“It is disheartening that those who have not taken the time to understand these bills are the loudest critics,” he said.
On 3 October, President Tinubu transmitted four tax bills to the National Assembly for consideration.
The bills are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
However, criticisms have trailed the bills, with some critics saying they are against certain parts of the country.
To address the concerns, the Senate constituted a committee to liaise with a delegation of the federal government led by the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi.
The two parties were supposed to resolve the grey areas but have yet to do so. It is still not clear why they have not met.
Mr Akpabio emphasised that the bills would mark a significant reform in Nigeria’s tax system since the nation’s independence.
He said the bills will present transformative opportunities to small and medium enterprises in the country.
“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians,” he said.
Mr Akpabio also maintained that the tax reform would create a conducive and internationally competitive business environment for the country.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development,” he said.
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