Senate to begin public hearing on tax reforms bills Monday

…invites Edun, AGF, FIRS chair, 68 others

The Senate Committee on Finance will commence a two-day public hearing on tax reforms bills on Monday next week.

Sani Musa, the Chairman of the Committee, disclosed this to journalists on Wednesday after a closed session with his panel members.

The tax reforms bills, which include the Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB) 2024, the Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024, were passed for a second reading in the Senate on November 28, 2024, and forwarded to the Committee on Finance for further legislative input through a public hearing.

Briefing journalists, Musa stated that the public hearing followed extensive consultations with relevant stakeholders.

He said the Joint Revenue Board Establishment Bill and the Nigeria Revenue Services Bill would be deliberated on Monday, while the Nigeria Tax Administration Bill and the Nigeria Tax Bill would be discussed on Tuesday.

For thorough consideration of the bills, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Lateef Fagbemi SAN, Attorney General of the Federation and Minister of Justice; Zacch Adedeji, Chairman of the Federal Inland Revenue Service; Adeyemi Adeniran, the Statistician-General of the Federation and Chief Executive of the National Bureau of Statistics; the Minister of Petroleum; and the Minister of Trade and Investment, among others, are expected at the public hearing.

The Committee previously engaged with officials of the Ministry of Finance Incorporated (MOFI) regarding the tax bills.

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Musa stated, “We’ve all agreed that we are starting the public hearing on Monday, February 24, and will continue on Tuesday, February 25.

“The Committee is inviting 71 different groups of stakeholders for this crucial public hearing.

“Both the Senate and the House of Representatives have completed the second reading of the reform bills and are prepared for the public hearing. The bills have been thoroughly reviewed by all committee members to ensure a comprehensive understanding of their objectives, particularly in tax administration, collection, and operations in Nigeria.”

“The main purpose of the reform bills is to explore ways for the government to generate more revenue to advance the country’s infrastructure, education, agricultural sector, and other critical areas of the economy.”

Musa emphasised that the Committee had engaged extensively with stakeholders and is optimistic that the public hearing will be smooth. “Wherever there are grey areas, they will be addressed”, he noted.

“Mr. President himself has said repeatedly that he will not interfere. It is our duty as legislators to act in the best interest of the country.

“We represent diverse ethnic, religious, and geographical backgrounds, but ultimately, we are Nigerians. Our goal is to pass legislation that will position the country on a solid economic trajectory”, he added.

On the Committee’s engagement with MOFI, Musa noted that the Agency, which manages the Federal Government’s assets and portfolios, plays a significant role in the nation’s economic dynamics.

“We commend MOFI’s initiatives and have highlighted areas for improvement, which they have promised to address. Our engagement with them will continue”, he concluded.