Senate to hold tax reform hearing on February 24
The Senate is set to begin a two-day public hearing on the four tax reform bills presented by President Bola Tinubu to enhance the nation’s tax administration.
This announcement was made by Sen. Sani Musa, Chairman of the Senate Committee on Finance, during a press briefing in Abuja on Wednesday.
Following a closed session with committee members, Sen. Musa revealed that the public hearing would take place on February 24 and 25. The session will cover two bills each day, ensuring the media is well-informed about the bills’ contents.
The bills to be discussed include the Nigeria Tax Bill 2024, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These reforms aim to overhaul the country’s tax administration and revenue generation, with provisions designed to align Nigeria with advanced economies. The implementation of these reforms, Sen. Musa emphasized, will provide adequate funding for crucial sectors such as infrastructure, education, and agriculture.
The committee has carefully reviewed the bills and engaged with various stakeholders before deciding to hold the public hearing. Sen. Musa expressed confidence that the process would proceed smoothly and assured that President Bola Tinubu had committed to remaining neutral in the matter, avoiding any interference.
“We, as legislators, are tasked with doing what’s best for the country. Regardless of our backgrounds, we are united as Nigerians and will work towards creating laws that put our economy on the right track,” he stated.
Key invitees to the public hearing include the Federal Minister of Finance and Coordinating Minister of the Economy, the Minister of Trade and Investment, the Attorney-General of the Federation, the Minister of Petroleum Resources, the Chairman of the Federal Inland Revenue Services, and the Statistician-General of the Federation. Sen. Musa emphasized that the goal of the National Assembly is to pass tax reform legislation that will be widely accepted by Nigerians.
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