The Senate Committee on Finance will conduct a public hearing on key tax reform bills on Monday and Tuesday next week. The bills, which were submitted to the National Assembly by President Bola Tinubu on October 3, 2024, aim to enhance revenue generation and streamline tax administration in Nigeria.
The proposed legislation includes:
Nigeria Tax Bill (NTB) 2024
Nigeria Tax Administration Bill (NTAB) 2024
Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
Joint Revenue Board (Establishment) Bill (JRBEB) 2024
These bills were passed for second reading in the Senate on November 28, 2024, and subsequently referred to the Committee on Finance for further legislative scrutiny through a public hearing.
Following a closed-door meeting with committee members, the Chairman of the Finance Committee, Senator Mohammed Sani Musa (Niger East), told journalists that the hearing follows extensive consultations with relevant stakeholders.
Key Stakeholders to Attend the Public Hearing
The public hearing will be divided into two sessions:
Monday: Deliberations on the Joint Revenue Board Establishment Bill and the Nigeria Revenue Services Bill
Tuesday: Review of the Nigeria Tax Administration Bill and the Nigeria Tax Bill
To ensure a thorough evaluation, the hearing will be attended by:
Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Attorney-General of the Federation, Lateef Fagbemi (SAN)
Chairman of the Federal Inland Revenue Service, Zacch Adedeji
Statistician General of the Federation and CEO of the National Bureau of Statistics, Prince Adeyemi Adeniran
Ministers of Petroleum, Trade, and Investment
71 stakeholder groups
Senate Committed to Strengthening Nigeria’s Economy
Senator Sani Musa emphasized that the tax reforms are designed to boost government revenue and position Nigeria’s economy on a stronger footing.
“The main purpose of these bills is to enhance revenue generation, ensuring that critical sectors such as infrastructure, education, and agriculture receive adequate funding,” he stated.
He assured that the legislative process would be transparent and free from external interference.
“President Tinubu has reiterated his commitment to non-interference in legislative matters. As representatives of the people, our duty is to pass laws that will drive economic growth and development,” he added.
Meanwhile, the committee has directed the Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Tokang, to provide the National Assets Register as part of efforts to strengthen financial oversight.
The Senate’s tax reform initiative is expected to play a crucial role in shaping Nigeria’s fiscal policies and enhancing revenue mobilization for national development.
