By Abbanobi -Eku Onyekachi
The Nigerian Senate is poised to move forward with the Tax Reform Bills, following a closed-door session between the Ad-hoc committee and key stakeholders.
Senator Abba Moro, Chairman of the Ad-hoc committee, revealed that a public hearing on the bills will soon be held, paving the way for their passage into law.
The committee, set up in December last year, has been working to address grey areas in the proposed tax reform. After a two-hour meeting with the Attorney-General of the Federation, Lateef Fagbemi (SAN), and other officials, including the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, Senator Moro expressed optimism about the bills’ progress.
The Tax Reform Bills, transmitted to the National Assembly by President Bola Tinubu on October 3, 2024, aim to reform Nigeria’s tax system. The bills have been a subject of controversy, with some governors rejecting them, citing concerns about their impact on the country’s economy.
However, with the Ad-hoc committee’s efforts to address the concerns and the impending public hearing, it appears that the coast is clear for the bills to move forward. The Senate’s decision to hold a public hearing demonstrates its commitment to transparency and stakeholder engagement in the legislative process.
