Senate Set to Hold Public Hearings on Tax Reform Bills, Invites 71 Stakeholders

 

The Senate, through its Committee on Finance, is preparing to hold a two-day public hearing on the proposed Tax Reform Bills on Monday and Tuesday of next week.

The bills, which were sent to both chambers of the National Assembly by President Bola Tinubu on October 3, 2024, 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.

These bills passed their second reading in the Senate on November 28, 2024, and were subsequently referred to the Committee on Finance for further consideration through a public hearing.

After a closed-door meeting with committee members ahead of the public hearing, Senator Mohammed Sani Musa (Niger East), Chairman of the Finance Committee, confirmed that the public hearings will proceed as scheduled. Musa explained that the hearing follows in-depth consultations with relevant stakeholders.

He noted that on Monday, the Joint Revenue Board Establishment Bill and the Nigeria Revenue Service Bill will be discussed, while the Nigeria Tax Administration Bill and the Nigeria Tax Bill will be reviewed on Tuesday.

To ensure a thorough examination of the bills, which aim to transform the country’s economic framework, key stakeholders will participate in the hearings. These include the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Attorney General of the Federation, Lateef Fagbemi; the Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Statistician General of the Federation, Prince Adeyemi Adeniran; the Minister of Petroleum; and the Minister of Trade and Investment.

In total, representatives from 71 different stakeholder groups have been invited to the hearings.

“The committee is inviting 71 distinct stakeholder groups to this crucial public hearing,” Senator Sani Musa said.

Both the Senate and the House of Representatives have already completed the second reading of the reform bills and are now set to proceed with the public hearings.

The committee chairman further explained that committee members had reviewed the bills extensively, gaining a deeper understanding of their objectives—particularly in terms of tax administration, collection, and operations within Nigeria. He emphasized that the main goal of the reform bills is to boost government revenue generation and position Nigeria among advanced economies, allowing the country to better fund critical sectors such as infrastructure, education, and agriculture.

Sani Musa also expressed confidence that the public hearing would be productive, citing previous consultations with stakeholders as vital in shaping the discussions. He stressed that any remaining issues would be addressed during the hearings.

“President Bola Tinubu has assured that he will not interfere with the legislative process. It is our duty as lawmakers to act in the best interest of the country,” Sani Musa stated. “While we may come from different backgrounds, we are all Nigerians, and our mission is to pass laws that will set Nigeria on a solid economic path. With God’s grace, we will succeed.”

Before the closed-door session, the committee met with senior officials from the Ministry of Finance Incorporated (MOFI), led by Managing Director and CEO Dr. Armstrong Tokang, who was instructed to provide the committee with the National Assets Register.