Senate President, Godswill Akpabio, has revealed that less than 30% of Nigerians contribute to the Federal Government’s tax revenue, despite widespread expectations for the government to provide high-quality infrastructure, education, security, and other essential services.
Akpabio made the statement on Monday while declaring open a public hearing on the tax reform bills presented to the National Assembly by President Bola Tinubu on October 3, 2024. He stressed the urgent need for tax reforms, emphasizing that the country cannot continue its current practices without significant changes.
The Senate President explained that once the tax reform bills are passed, the National Assembly would strengthen its oversight role to ensure that public resources are utilized judiciously. He also urged Nigerians to engage with the legislative process rather than rely on social media narratives.
“The public hearing should be used to think of a better Nigeria,” Akpabio remarked. “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 encouraged participants to carefully review the tax reform bills instead of depending on misinformation. Key figures present at the hearing included 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.
Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on Finance, highlighted the importance of the tax reform bills, noting that 71 stakeholder groups had been invited to contribute to the discussions. Musa stated that both the Senate and the House of Representatives had completed the second reading of the reform bills and were ready for the public hearing.
“The main purpose of the reform bills is to ensure that the government generates more revenue to better address key sectors like infrastructure, education, and agriculture, and to elevate Nigeria to the level of advanced economies,” Musa added.
The tax reform bills under consideration include the Nigeria Tax Bill (NTB) 2024, Nigeria Tax Administration Bill (NTAB) 2024, Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024. These bills passed a second reading in the Senate on November 28, 2024, and have been forwarded to the Committee on Finance for further legislative scrutiny.
