Senate President, Godswill Akpabio, revealed that less than 30% of Nigerians pay taxes to the Federal Government, despite the widespread expectation for the government to provide essential services such as infrastructure, education, and security.
Akpabio made this statement on Monday during the opening of a public hearing on tax reform bills sent to the National Assembly by President Bola Tinubu on October 3, 2024.
He stressed the urgent need for tax reforms, pointing out that the country cannot continue with outdated practices and must embrace meaningful change.
Once the reform bills are passed, Akpabio assured, the National Assembly would enhance its oversight to ensure proper utilization of the resources generated.
He called on Nigerians to actively engage in the legislative process rather than relying on social media narratives.
“The public hearing should be used to think of a better Nigeria.
I will stay for two days and participate in the process because I am tired of social media.
Most leaders in this country never saw the content of the bills before attacking the process,” Akpabio remarked.
He further encouraged participants to review the tax reform bills thoroughly instead of succumbing to misinformation.
The public hearing was attended by key figures, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Attorney-General of the Federation, Lateef Fagbemi (SAN); Chairman of the Federal Inland Revenue Service, Zacch Adedeji; and the Comptroller-General of the Nigeria Customs Service.
Earlier, Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on Finance, emphasized the importance of the tax reform bills.
He noted that 71 stakeholder groups had been invited to contribute to the discussions.
“Both the Senate and the House of Representatives have completed the second reading of the reform bills and are now ready for the public hearing.
All members of the committee have read the bills and gained a better understanding of their objectives, especially regarding tax administration, collection, and operations in Nigeria,” Musa said.
He further explained that the bills aim to increase government revenue and ensure the country’s economic sustainability.
“The main purpose of the reform bills is to generate more revenue so that we can put our country on the path to becoming an advanced economy, where key sectors like infrastructure, education, and agriculture are adequately funded,” he added.
The tax reform bills under consideration 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 have been forwarded to the Committee on Finance for further scrutiny.
