Senate Gives Update On 4 Tax Reform Bills
From Abdul SULE
THE Nigerian Senate has given fresh updates on new tax reform bills before it.
According to the Upper legislative chamber, a committee has been set to review and clarify the contentious aspects of the widely discussed Tax Reform Bills ahead of a public hearing.
The committee, led by Minority Leader Senator Abba Moro (PDP, Benue South), will provide a report to the full Senate for further deliberation.
The announcement was made by Deputy Senate President Barau I. Jibrin (APC, Kano North) during a plenary session on Wednesday, where he presided over the proceedings. Barau highlighted the existing controversies surrounding the bills, which have raised concerns across various sectors of society. He also noted that the committee’s primary task is to consult with key stakeholders, including the Attorney General of the Federation (AGF) and representatives from the executive branch, to address the issues and refine the bills before they are subjected to public scrutiny.
On October 3, 2024, President Bola Ahmed Tinubu submitted four tax reform bills to the National Assembly, seeking to strengthen Nigeria’s fiscal institutions and support his administration’s broader developmental agenda. The bills, which were read out by Senate President Godswill Akpabio and House of Representatives Speaker Hon. Tajuddeen Abbas in separate sessions, have been central to the ongoing debates within the country.
However, the proposals have faced strong opposition from various groups, including state governors, traditional rulers, civil society organizations, and some members of the National Assembly, all of whom have raised concerns about the potential impact of the reforms on the economy and different sectors.
Other members of Committee include Senator Titus Zam (APC, Benue North West), Senator Orji Uzor Kalu (Abia North), Senator Sani Musa (APC, Niger East), and Senator Abdullahi Yahaha (Kebbi North), among others.
The committee will work to resolve the outstanding issues with the bills and ensure that they align with the nation’s fiscal and developmental objectives.
The formation of this committee marks an important step in addressing the concerns surrounding the tax reform bills, with the Senate committed to engaging with all stakeholders to ensure that the final legislation is beneficial to the country.
