By Adesuwa Tsan, Abuja
The Senate Committee on Finance is set to hold a two-day public hearing on four key tax reform bills aimed at boosting government revenue and improving Nigeria’s tax administration.
Chairman of the committee, Sani Musa, disclosed this to journalists after a session with the Ministry of Finance Incorporated (MOFI) at the National Assembly yesterday.
He expressed confidence in MOFI’s management of federal assets and portfolios but noted areas requiring improvement, which the institution has pledged to address.
According to Musa, the public hearing would commence on Monday, February 24, and continue on Tuesday, February 25. It will focus on four critical bills: Joint Revenue Board Establishment fund bill, Nigerian Revenue Services bill, Nigerian Tax Administration bill and Nigerian Tax bills.
“These bills, submitted by President Bola Tinubu in 2024, have already passed second reading in both legislative chambers and are now set for public scrutiny,” Musa said.
He emphasised that the reforms aim to enhance tax administration, collection, and overall revenue generation, ensuring the government has adequate funds to invest in infrastructure, education, agriculture, and other critical sectors.
To ensure an inclusive process, the committee chairman said key stakeholders, including the Ministry of Finance, Coordinating Minister of the Economy, Federal Ministry of Trade and Investment, the Attorney General of the Federation, the Minister of Petroleum (to address revenue and royalty concerns in the oil and gas sector), the Chairman of the Federal Inland Revenue Service (FIRS) and the Statistician General of the Federation, have been invited.
Musa highlighted the importance of having data-driven insights from the National Bureau of Statistics (NBS) to provide a clear picture of Nigeria’s economic realities, while reaffirming the Senate’s commitment to enacting legislation that positions Nigeria’s economy for long-term growth.
“We are not just reading reports in the news; we want practical insights into how our economy is performing. Nigeria must be at the forefront of economic advancement in Africa, and these reforms will ensure that our tax system is effective, transparent, and beneficial to national development,” he said.
Musa assured that the legislative process would remain independent, with lawmakers prioritising the country’s economic interests.
“Mr. President has repeatedly stated that he would not interfere in this process. It is our duty as legislators to enact laws that strengthen our economy, regardless of our backgrounds. We are committed to delivering a tax system that benefits all Nigerians,” he added.