The Chairman, Senate Committee on Finance, Senator Sani Musa, has said the Tax Reform legislation is a crucial step towards enabling Nigeria under President Bola Tinubu administration to achieve the planned $1 trillion economy in the country.
President Tinubu had on May 29, 2023 declared that his administration’s is aiming to grow the size of the Nigeria’s economy to $1 trillion by 2030.
The Senate organised a two-day public hearing between Monday, February 24 and Tuesday 25 on the four bills forwarded by President Bola Tinubu to the National Assembly on October 3, 2024 to overhaul tax administration and revenue generation in the country.
They are the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
Speaking to journalists on Tuesday in Abuja, Senator Musa assured that all viewpoints of stakeholders on the Tax Reform Bills would be considered in order to create a legislation that is practicable and beneficial to the people.
He said: “Mr. President has set a vision for Nigeria to achieve a $1 trillion economy. This legislation is a crucial step toward that goal. However, this law must go beyond the current administration and remain relevant for future governments. We are committed to creating a framework that will stand the test of time and reflect the true needs of Nigerians.”
On the legislative process on the bills, Senator Musa disclosed that the Senate would organise a three-day retreat after the public hearing where experts would be involved to engage with the Office of the Attorney General of the Federation to ensure that the proposed law aligns with the Nigerian Constitution.
He said: “Everyone who attended (the public hearing) and wanted to speak was given the opportunity to do so. We have seen many contributions in alignment with Mr President’s proposals to the National Assembly, while a few others have expressed differing opinions.
“All viewpoints will be considered, ensuring that we create legislation that is practical and beneficial to the country.”
On reviewing submissions and next steps, he said: “We are carefully reviewing all submissions and memoranda presented. Every contribution has been recorded, and after today, we will hold a three-day retreat. During this retreat, we will consult with experts and engage with the Office of the Attorney General of the Federation to ensure that the proposed law aligns with the Nigerian Constitution.”
Senator Musa, who represents Niger East Senatorial District on the platform of All Progressives Congress, APC, added that his committee was considering all recommendations of stakeholders, including those from the chairman, Revenue Mobilization, Allocations and Fiscal Commission, RMAFC, Mohammed Usman and the Nigerian Governors’ Forum, NGF.
“We are carefully reviewing all submissions and memoranda presented. Every contribution has been recorded, and after today, we will hold a three-day retreat. During this retreat, we will consult with experts and engage with the Office of the Attorney General of the Federation to ensure that the proposed law aligns with the Nigerian Constitution.
“Our focus is not on who made the presentation, but on what will be acceptable to all Nigerians and all regions. Our goal is to craft a law that is effective and sustainable,” he stressed.