Tax reform bills: Nigerians’ opinions will be considered, says speaker Abbas

The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, stated on Wednesday, 26th February, that the House will take into account the opinions, submissions, and recommendations of Nigerians in passing the four tax reform bills currently under consideration.

He assured that the House would scrutinize the bills to ensure that the interests of Nigeria and its citizens are well protected.

Speaking through the House Leader, Prof. Julius Ihonvbere, while declaring open a three-day public hearing on the tax reform bills presented to the National Assembly by President Bola Ahmed Tinubu, the Speaker emphasized the significance of the proposed legislation.

The 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.

According to Speaker Abbas, these bills represent crucial proposals from the Executive aimed at expanding Nigeria’s tax base, improving compliance, and establishing sustainable revenue streams for national development.

“As you are all aware, the tax reform bills have generated widespread debate in the media, public discourse, and private discussions, reflecting their importance. It should be noted, however, that these debates are both healthy and necessary for strengthening our democratic practice and culture.

“The purpose of this public hearing is to facilitate robust discussions and gather recommendations by providing stakeholders with the opportunity to contribute their inputs. Importantly, this process will help us identify areas requiring amendment, clarification, or improvement while ensuring that these bills are compatible with the 1999 Constitution (as amended) and other existing laws.

“We have, therefore, set aside three days for this public hearing to allow as many stakeholders as possible to express their views and make their recommendations,” he said.

The Speaker noted that the bills seek to “diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation.”

Abbas stressed that the Tinubu administration is committed to tax reform, to improve Nigeria’s tax-to-GDP ratio by streamlining and broadening the tax base.

“As representatives of the people, I have always maintained that we must approach these reforms thoughtfully, recognizing their potential impact on every segment of society. Taxes should be fair, transparent, and justifiable, striking a balance between the need for public revenue and the burden they impose on individuals and businesses.

“The House will, therefore, conduct a thorough review of these bills to ensure they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians, and as the People’s House, we must remain accountable to them,” he stated.

Speaker Abbas reaffirmed that the 10th House recognizes the critical importance of the tax reform bills, the concerns of Nigerians, and the government’s resolve to revitalize the economy through an improved tax system. He assured that the legislative process would be open, transparent, and inclusive.

He highlighted that from the outset, the 10th House identified tax reform as a key priority in its Legislative Agenda, acknowledging the central role of taxation in achieving sustainable economic growth and development.

“In every modern state, taxes form the bedrock of public revenue, providing the resources required for education, healthcare, infrastructure, and security.

“Yet, despite being Africa’s largest economy, Nigeria struggles with a tax-to-GDP ratio of just 6 percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development.

“This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our nation’s future.”

While urging stakeholders at the hearing to engage with an open yet critical mindset, the Speaker encouraged them to make insightful contributions and raise any concerns regarding the proposed bills.

Speaker Abbas added: “Together, let us seize this opportunity to develop a tax system that serves the best interests of all Nigerians. I assure all stakeholders present and the Nigerian public that the House will give due consideration to every contribution while working diligently to ensure the passage of these bills.”

He noted that key stakeholders invited to the hearing include ministries, departments, and agencies (MDAs) of government, business leaders, tax experts, administrators, and representatives from the private sector and civil society organizations.

He urged them to take full advantage of the platform to provide valuable contributions that would guide the House in its consideration and passage of the tax bills.

“I would like to express my gratitude to all stakeholders and Nigerians present here for their enthusiastic response. Your presence demonstrates an unwavering commitment to ensuring a tax system that best serves the greater interests of Nigerians,” he concluded.