The Federal Government has stated that the Tax Reform Bills are designed to strengthen Nigeria’s economy and foster inclusive growth.
According to reports, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, urged citizens to support the bills to facilitate their passage into law.
He made this appeal on Monday during the first day of a two-day public hearing organized by the Senate Committee on Finance.
The proposed bills—Nigeria Tax Bill (NTB) 2024, Nigeria Tax Administration Bill (NTAB) 2024, Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and Joint Revenue Board (Establishment) Bill (JRBEB) 2024—were submitted to the National Assembly by President Bola Ahmed Tinubu in October 2024 and passed their second reading in November.
In his remarks, Senate President Godswill Akpabio encouraged Nigerians to support the proposed reforms, emphasizing that modernizing the country’s tax administration is essential for future prosperity. He underscored the importance of replacing outdated tax practices and bureaucratic challenges with a transparent, business-friendly system aligned with current global standards.
Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, highlighted that the reforms aim to establish a fairer, more efficient, and investment-friendly economy. “This process will be thorough, inclusive, and guided by national interest,” he assured stakeholders.
Edun reiterated the government’s commitment to creating a tax system that promotes investment, job creation, and sustainable economic growth. He emphasized that the goal is to tax prosperity while allowing struggling businesses the opportunity to reinvest and expand before becoming taxable.
The Minister also pointed to positive macroeconomic indicators, including rising foreign reserves, stabilized inflation, and a narrowing budget deficit, as evidence of progress driven by ongoing reforms.
“This hearing provides a platform for stakeholders to contribute their perspectives on shaping a tax system that fosters inclusive growth and benefits all Nigerians. The passage of these tax reform bills will be a crucial step toward a more efficient, effective, and investment-friendly tax structure,” Edun stated.
In a statement on Tuesday, the Ministry’s spokesman, Mohammed Manga, reaffirmed the Ministry’s dedication to collaborating with stakeholders to ensure the reforms yield tangible benefits for all Nigerians and drive long-term economic growth.
