Nigeria to attain $1tn economy through tax reform bills – Senate

The Nigerian Senate has said that the proposed Tax Reform Bills will serve as a critical step in achieving President Bola Tinubu’s vision of a $1 trillion economy.

Sani Musa, the Chairman of the Senate Committee on Finance, made this assertion while addressing journalists in Abuja.

He emphasised that the reforms are pivotal to strengthening Nigeria’s economic framework, adding that the Committee would embark on a three-day retreat to review stakeholders’ submissions.

Musa while responding to a question on the progress of the Bills so far, said: “You were all present at the hall there and you saw how the proceedings went and I can say everything was going seamlessly and smoothly because everyone that was in attendance that wants to speak was given the opportunity to speak and we have seen a lot of people that spoke in alignment with what Mr. President has presented to the National Assembly.

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“Also, few of them that have some divergent opinions have also presented their case, and we are going to consider everyone that was there. So, it’s not going to be a problem. We are going to give this country a legislation that is workable.”

On when the Bills will be passed, he said, “We are going to work assiduously and we are going to consider every submission, every memorandum that has been given. The verbatim presentation that people have done, we have it on record.

“We are going to review everything. After this today, we are going to go for a three-day retreat and during the retreat, we are going to consult with experts.

“We are consulting also with the Office of the Attorney General of the Federation so that we see how we can present a law or an Act that is workable, that would not conflict with the Constitution of the Federal Republic of Nigeria.”

He added, “We are taking the advice of everyone that had made the presentation. We are going to consider everything on its merit.

“We are not particularly looking at which organization or which entity presents, but what is going to be acceptable to all Nigerians, what is going to be acceptable to all regions of this country because what we are trying to do is to present a law that is workable.”

The Senate Finance Committee chairman said, “And when you look at advanced economies, Mr. President has said that he wants to see Nigeria having a $1trillion economy and this is the beginning of it, for us to do it, we must do it in a way that is not only during the time of Mr. President.

“Mr. President is only going to stay for likely eight years. And after eight years, there will be another government. So, we want a law that will outlive anybody that is there, even us that we are making the law, at the end of the day we are going to be the ones also that will have to follow what we have led.

“So I think it’s not about who presents, it’s about what Nigerians will see as a true reflection of what it should be.”

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Meanwhile, Abdul Ningi , the Chairman of the Senate Committee on Sports, said the Bills had assumed “national dimension.”

Ningi who earlier opposed the Bills, said the intervention of the State Governors had made it possible for Senate to organise the ongoing public hearing to enable critical stakeholders to ventilate their minds and make their input.

On his part, Ningi said his reservations when the Bills were submitted were based on the fact that the necessary consultations had not be done.

He, however, said that the Bills have now received a national consensus following the intervention of the 36 state governors.

Ningi said, “First of all, my reservation then about the Tax Reform Bills was based on the fact that there wasn’t a wide consultation and as a parliament and as a representative of the people who should have been consulted other than the segment of the polity, we are not also consulted.

“Particularly, you recall the position of the governors. They were not consulted and this was wrongly pushed in the public arena. I objected to it basically, because of the huge uproar, not only from the Northern perspective, but across the country.”

Ningi noted, “There were a lot of reservations as to the hasty manner in which a very important bill like tax reform was being pushed.

“Remember that tax is a global phenomenon and it is a campaign issue all across the developed countries. My position then was, ‘if that is so, why wouldn’t you just take a time, consult more and negotiate more and at the end of the day we have a tax reform.’

“There is a Nigerian tax reform that is acceptable to the Nigerians of this country. Over the last few weeks, after the introduction of the tax reform, you could see that the tax reform bills we are having a public hearing on, have drastically been changed to a tax reform that Nigeria actually needs.

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“But having said that, you are all living witnesses what happened at the public hearing yesterday, the tax reform has taken a national dimension.”