Senate president Akpabio urges Nigerians to embrace tax reform for future prosperity

Speaking on Monday at the commencement of a two-day public hearing organized by the Senate Committee on Finance, Akpabio highlighted the necessity of adapting the revenue system to contemporary realities to avoid stagnation and decline.

He stressed that Nigeria must leave behind outdated tax practices and bureaucratic hurdles, transitioning to a robust, transparent, and business-friendly tax administration.

The four proposed bills are the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill 2024, the Nigeria Revenue Service Establishment Bill 2024, and the Joint Revenue Board Establishment Bill 2024.

In his speech titled “New Dawn: Embracing Tax Reform for a Prosperous Nigeria,” Akpabio described the public hearing as a transformative step towards economic renewal and prosperity for all Nigerians. He urged stakeholders to approach this responsibility with courage, wisdom, and a steadfast commitment to the Nigerian people.

He emphasized the importance of a unified approach to revenue generation, involving federal, state, and local governments, alongside the private sector and civil society, adding that the bills will also introduce digital innovations to simplify tax payments and close loopholes, ensuring fairness, protecting vulnerable taxpayers, and creating an environment conducive to economic growth.

Chairman of the Committee, Sen. Sani Musa, acknowledged concerns about marginalization, disproportionate sharing, and potential biases in tax administration and revenue allocation. He assured that the tax reform process would be thorough, inclusive, and guided by national interest.

The event was attended by representatives from revenue-generating agencies such as the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Company Limited (NNPCL), Nigerian Immigration Service (NIS), as well as tax-related NGOs and associations.