Following the insinuation that followed the President Bola Tinubu Tax Reform Bill that was introduced into the National Assembly, the House of Reps Speaker, Tajudeen Abbas has disclosed that the lawmakers are yet to take any position concerning the Bill. The Speaker stated this today during an interactive session on the Tax Reform Bill that is currently ongoing at the National Assembly.
According to him, the house would perform its constitutional role of scrutinising the contents of the bills, and affect amendments where necessary.
The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
President Tinubu had last month sent the bills to parliament, but the National Executive Council (NEC) after an uproar from some northern governors against the Bill recommended its withdrawal to calm nerves before it will be revisited.
However, the move that President Bola Tinubu declined, saying those who wanted to make contributions could do so during public hearing at the National Assembly.
Reacting to the Bill today, the speaker, Abbas said interaction on the bills would help the House navigate the complexities so that members may forward whatever observation or questions they have regarding the bills.
In his statement, “It is designed to deepen our appreciation of their provisions, commence constructive dialogue on contentious or controversial areas, and build the consensus necessary to produce versions of the bills that align with the interests of the executive, the legislature, sub-national governments, and the Nigerian people. Importantly, this session will help us identify areas needing amendment, clarification, or improvement and consider the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws.
“Tax reforms are a cornerstone of our House Legislative Agenda because of their central role in achieving sustainable economic growth and development. In every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security.
“Yet, Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation”.
The speaker urged that Nigerians should approach such sensitive matters with caution bearing in mind it financial implication it will have on Nigerians, therefore called on all to participate in scrutinising the bill during a public hearing.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, enjoined that Nigeria must do more to address inflation which is now put at 33% high with a high public debt despite the 97% of the country’s revenue being spent on debt servicing.
He lamented that it was unfortunate the Naira has lost its value in 10 years performing less than the Kenyan Shillings and South African Rand which he said were countries that are not better off in many economic indices, but have more strong policy reforms than Nigeria.
This is asthe country is still running low budgets, Mr Oyedele added.
