The Speaker of the House of Representatives, Abbas Tajudeen, has assured Nigerians that the National Assembly will carefully balance public interest with the need to reform the country’s revenue system.
This commitment comes as the Assembly considers four tax bills aimed at expanding Nigeria’s tax base, improving compliance, and establishing sustainable revenue streams for national development.
The tax reform bills under consideration include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These bills represent critical proposals from the Executive to overhaul Nigeria’s tax system, which currently struggles with a tax-to-GDP ratio of just 6 percent, far below the global average.
Speaker Abbas emphasized that taxes must be fair, transparent, and justifiable, ensuring they support public revenue without placing excessive burdens on individuals and businesses. He pledged that the House would thoroughly scrutinize the bills to align them with the best interests of Nigerians.
The Chairman of the House Committee on Finance, James Abiodun Faleke, highlighted the urgency of reforming Nigeria’s tax system, citing the need to simplify and enhance revenue collection, reduce reliance on borrowing, and drive sustainable development. He noted that the tax reform bills provide a transformative opportunity to create a modern, efficient, and effective tax system for Nigeria.
The public hearing on the tax reform bills serves as a crucial stage in the legislative process, allowing stakeholders to provide input and propose necessary amendments to ensure the reforms achieve their intended objectives. The National Assembly is committed to ensuring that the tax laws serve the best interests of the people, promoting equity, fairness, and economic growth.
