Akpabio declares public hearing on Tax Reform Bills open

Godswill Akpabio, the Senate president has declared open a two-day public hearing on the Proposed Tax Reform Bills, describing the initiative as a crucial step toward economic renewal and prosperity for Nigeria.

In his opening address on Monday at the National Assembly complex, Akpabio underscored the urgent need for Nigeria to reform, modernize, and optimize its tax system.

He emphasized that a nation that fails to adapt its revenue framework risks stagnation and economic decline.

He said, “Today, we gather at a pivotal moment, one that calls us to reform, modernize, and optimize our tax system.

“This is not just a task; it is a profound responsibility we must embrace with courage, wisdom, and a steadfast commitment to the Nigerian people.

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“As we look to the future, we must remember that a nation that fails to adapt its revenue system to the realities of our time risks stagnation and decline”

Akpabio added, “An old African proverb teaches us: ‘A bird that does not leave its nest will never know the richness of the forest.’ Today, we are choosing to leave behind outdated tax practices and bureaucratic hurdles, spreading our wings toward a tax administration that is robust, transparent, and conducive to business.”

The hearing, which runs from Monday, February 24 to 25, provides a platform for lawmakers, tax administrators, business representatives, and citizens to deliberate on four key tax reform bills—SB 583, SB 584, SB 585, and SB 586.

According to Akpabio, the proposed bills are designed to, “Harmonize revenue administration across all tiers of government; Reduce the cost of tax collection and enhance compliance;Foster transparency, accountability, and efficiency in tax administration.

He added, “Introduce digital innovations to simplify tax payments and close loopholes and ensure fairness, protect vulnerable taxpayers, and create an environment conducive to economic growth.”

Akpabio stressed that tax reform should not be seen as a mere legislative exercise but as a collective responsibility that requires collaboration between the Federal, State, and Local Governments, as well as the private sector and civil society.

“This Public Hearing represents more than a legislative requirement; it is a call to collective action, a platform for dialogue where lawmakers, tax administrators, businesses, and citizens come together to craft a fair, transparent, and effective tax regime that reflects the interests of all Nigerians.”

“The challenge before us transcends the simple act of passing new laws; it is about constructing a tax system that inspires confidence, promotes development, and fuels national growth,” he stated.

He reaffirmed the commitment of the 10th National Assembly to enact reforms that will strengthen Nigeria’s economic foundation, empower businesses, and enhance accountability within government institutions.

Akpabio called on all stakeholders to actively engage in the discussions, stating that their input would be critical in shaping a tax system that works for all Nigerians.

“As we deliberate on these bills, let us seize this moment, not just for ourselves, but for future generations, to lay the foundation for a stronger, more resilient, and prosperous Nigeria,” he concluded.

The hearing is expected to gather input from various sectors, including financial experts, industry leaders, and tax policy analysts, as the Senate works toward enacting comprehensive tax reforms that align with Nigeria’s economic aspirations.