Why NASS Will Support Tax Reform Bills, Akpabio Explains

Senate President Godswill Akpabio outlines the reasons why the National Assembly will back the tax reform bills, emphasizing their importance for Nigeria’s economic growth.

Senate President Godswill Akpabio has affirmed the National Assembly’s dedication to promptly passing the tax reform bills put forward by President Bola Tinubu.

During the presentation of the 2024 budget on Wednesday, Akpabio highlighted how crucial these bills are for driving economic reforms and promoting growth.

In response to criticisms of the proposed tax reforms, Akpabio pointed out that many critics had not examined the details of the bills and were forming their opinions based on assumptions.

He encouraged stakeholders and the public to objectively engage with the content of the bills, emphasizing their potential benefits for Nigeria’s economy.

We will not dismiss any reform you have proposed for our consideration, Mr. President; instead, we will engage with Nigerians to highlight their benefits.

“It is disappointing that the most vocal critics are those who haven’t taken the time to understand these bills,” he said.

On October 3rd, President Tinubu sent four tax bills to the National Assembly for review.

The proposed legislation includes the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

READ ALSO: Akpabio to Tinubu: No Room for Stubborn Ministers in Your Government

However, the bills have faced criticism, with some detractors arguing that they are biased against certain regions of the country.

To address the concerns, the Senate formed a committee to collaborate with a federal government delegation headed by Lateef Fagbemi, the Minister of Justice and Attorney General of the Federation.

The two parties were expected to resolve the ambiguous issues but have not yet done so. The reason for their lack of meetings remains unclear.

Mr. Akpabio stressed that the bills would represent a major overhaul of Nigeria’s tax system since the country gained independence.

He stated that the proposed legislation will offer transformative opportunities for small and medium-sized enterprises across the nation.

He emphasized the importance of all Nigerians, particularly those in public office, to thoughtfully engage with these crucial reforms. He noted that this initiative is Nigeria’s first comprehensive tax reform since independence and offers a transformative opportunity to revitalize small and medium enterprises while improving the livelihoods of ordinary Nigerians.

Mr. Akpabio also asserted that the tax reform would establish a favorable and internationally competitive business climate for the nation.

He stated, “These reforms will enhance Nigeria’s revenue profile while fostering a more conducive and internationally competitive business environment. Additionally, they will transform our tax system to support sustainable development.”