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The House of Representatives has commenced a public hearing on the proposed Tax Reform Bills, bringing together stakeholders from various sectors to contribute their inputs to the legislation.
Addressing participants at the hearing, Speaker of the House of Representatives, Dr. Tajudeen Abbas, emphasized that the forum provides an opportunity for Nigerians to shape a tax system that enhances the socioeconomic well-being of citizens. Dr. Abbas, represented by the House Majority Leader, Professor Julius Inhonvbere, reaffirmed the 10th National Assembly’s commitment to ensuring that the proposed reforms align with the interests of the people.
According to the Speaker, the tax reform bills have the potential to boost the nation’s revenue base, create a more conducive environment for investors, and simplify tax collection processes in Nigeria.
In his welcome address, the Chairman of the House Committee on Finance, James Faleke, highlighted that several provisions in existing tax laws are outdated, necessitating urgent amendments to support the country’s socioeconomic development. He further stated that once enacted, the tax reform bills would reduce Nigeria’s reliance on borrowing through more efficient tax collection mechanisms.
During their submissions, stakeholders urged the National Assembly to prioritize citizens’ interests when harmonizing the recommendations from various sectors.
Meanwhile, on Tuesday, February 25, 2025, the Senate commenced a two-day public hearing on the proposed tax reforms, drawing key figures from the nation’s economic and financial sectors.
Tax reform has long been a contentious issue in Nigeria, frequently sparking debates over its potential impact on businesses, the economy, and the general public. In July 2024, President Bola Tinubu approved the establishment of a
Presidential Committee on Fiscal Policy and Tax Reforms to improve the ease of doing business in the country.
The proposed bills have generated mixed reactions across economic sectors, with some stakeholders arguing that they primarily favor Lagos and Rivers States. However, the Presidency swiftly dismissed these claims, insisting that the reforms aim to enhance the overall quality of life for Nigerians by streamlining the nation’s tax system.
