On Monday, February 24, the Nigerian Senate began a two-day public hearing on proposed tax reform bills designed to overhaul the nation’s tax system and boost revenue generation. The hearing, organized by the Senate Committee on Finance, aims to involve key government officials and stakeholders in discussions surrounding the proposed legislation.
Chairman of the Senate Committee on Finance, Senator Sani Musa, emphasized that the hearing follows extensive consultations with stakeholders that took place on Wednesday, February 19, after a closed-door meeting. He assured the public that the process would be transparent and thorough, aiming to address all concerns for Nigeria’s economic growth.
The discussions will focus on four major bills: the Joint Revenue Board Establishment Bill, the Nigerian Revenue Services Bill, the Nigerian Tax Administration Bill, and the Nigerian Tax Bill. These bills are expected to play a key role in reshaping Nigeria’s tax landscape.
Several high-profile officials are expected to participate in the hearing, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Attorney-General of the Federation, Lateef Fagbemi; Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Statistician-General of the National Bureau of Statistics, Adeyemi Adeniran; and the Ministers of Petroleum and Trade and Investment, among others.
The public hearing comes amid growing debates over President Bola Tinubu’s proposed tax reforms, which have stirred concerns, particularly from stakeholders in Northern Nigeria.
Despite opposition, the Senate passed the four tax reform bills for a second reading in November 2024, following a heated debate led by Senate Majority Leader Opeyemi Bamidele. While supporters argue that the reforms will simplify taxation, ease the burden on small businesses, and streamline revenue collection, critics—including some Northern governors and senators—have raised concerns over the timing and potential impact of the changes.
Senator Ali Ndume, representing Borno South, suggested that amendments should be made before finalizing the bills to ensure that the reforms work for all regions of the country.
