By Fatima Saka
Senate President Godswill Akpabio has called for urgent tax reforms, stating that many of Nigeria’s laws are outdated, with some dating back to the colonial era.
Speaking in Abuja on Monday at a two-day public hearing on the Tax Reform Bill, Akpabio emphasized the need for Nigerians to embrace legal and structural reforms to drive national development.
“Nigerians must believe in the rule of law and its enforcement. If we want to get it right, we must support the National Tax Reform Bill, which aims to improve infrastructure, water resources, job creation, and other key sectors,” he said.
Akpabio stressed that the interests of Nigerian citizens remain the top priority in legislative decision-making.
“Our responsibility is to ensure that every Nigerian benefits from the laws we enact. Resource mobilization for development is not the sole responsibility of the government; it requires the collective efforts of all Nigerians,” he noted.
The Need for Tax Reform
The Senate President pointed out that the current tax laws no longer align with modern economic realities.
“Some of our taxation laws were established during the colonial era. There is an urgent need to update them to meet present-day challenges,” he said.
He commended President Bola Tinubu for recognizing the importance of legal reforms and aligning them with global economic trends.
“Reforms can sometimes be difficult to grasp, but they are necessary. President Tinubu is considering Nigeria’s past, present, and future in shaping policies that align with global economic indicators,” Akpabio added.
Goals of the Tax Reform Bills
1. The Nigeria Tax Bill (NTB) 2024
2. The Nigeria Tax Administration Bill (NTAB) 2024
3. The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
4. The Joint Revenue Board (Establishment) Bill (JRBEB) 2024
The bills are to harmonize revenue administration across all tiers of government. Reduce the cost of tax collection. Enhance transparency and accountability in tax administration. And Introduce digital innovations to streamline tax processes.
Akpabio noted that the bills are designed to create a more efficient tax system that fosters economic growth while easing the burden on businesses.
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“This tax regime is crucial for Nigeria’s development. We need to eliminate outdated tax practices and bureaucratic inefficiencies that stifle business growth,” he stated.
“The success of this hearing will assist the National Assembly in crafting legislation that reflects the interests of all Nigerians,” Akpabio said.
He urged citizens to support the reform efforts, emphasizing that a well-structured tax system is essential for national progress.
Distinct News reports that the public hearing provided an opportunity for stakeholders including business owners and tax experts to contribute ideas on improving Nigeria’s tax system.
