The Senate and the Federal Government team, led by the Attorney General of the Federation (AGF), Lateef Fagbemi (SAN), held a crucial meeting yesterday to address contentious issues in the four Tax Reform Bills submitted by President Bola Tinubu. The meeting, held behind closed doors, lasted over two hours and aimed to refine the proposed legislation to benefit all Nigerians.
Chairman of the Senate’s ad hoc committee on tax reforms, Senator Abba Moro, described the discussions as productive, noting significant progress. He confirmed plans for a public hearing to gather input from various stakeholders. “We engaged with the AGF, the RMAFC Chairman and the FIRS Chairman to address key concerns. Our focus is on ensuring the final law serves the collective interest of Nigerians,” Moro said.
FIRS Chairman Zacch Adedeji expressed optimism about the bills passing legislative review, stating that all previous concerns had been resolved.
The four bills under review, the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill and Joint Revenue Board (Establishment) Bill aim to overhaul the tax system for greater efficiency and improved revenue collection.
The proposed reforms, which passed a second reading in the Senate on November 28, 2024, have generated significant interest due to their potential to reshape Nigeria’s fiscal policies. The upcoming public hearing will allow diverse perspectives to shape the final legislation, ensuring broad support and inclusivity.