Abuja: A cross section of stakeholders, on Monday, at a Public Hearing on the four Tax Reform Bills expressed their support for the bills. The public hearing was organised by the Senate Committee on Finance chaired by Sen. Sani Musa.
According to News Agency of Nigeria, the four bills include ‘The Nigeria Tax Bill (NTB) 2024; The Nigeria Tax Administration Bill (NTAB) 2024; The Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024 and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024. The agencies that made their submissions include the Nigerian National Petroleum Company Limited (NNPCL), Revenue Mobilisation and Fiscal Allocation Commission (RMFAC) among others.
In his submission, Group Chief Executive Officer of NNPCL, Mele Kyari, said that the entire oil and gas industry was happy with the bills. He emphasized the importance of the new tax law, which brings reforms that simplify the tax system and laws, ultimately making the industry more profitable.
The Chairman of Revenue Mobilisation and Fiscal Allocation Commission (RMFAC), Dr Mohammed Shehu, expressed complete support for the bills, highlighting their potential to enhance economic stability. He also urged the Senate Committee on Finance to address issues related to distribution to sub-nationals and the need for reconciliation with NNPC.
Muhammad Yakubu, Convener of the Arewa Think Tank, stated that the group saw significant benefits in the bills and had submitted their position. He clarified that the perception of Northern opposition to the bills was unfounded, stressing the importance of considering beneficial views for the country.
Ahmad Dogarawa, representing the Supreme Council for Sharia in Nigeria, acknowledged the need for tax reform and commended the government’s efforts. However, he suggested that the Value Added Tax (VAT) be reviewed to five per cent or remain at the current 7.5 per cent.
Chairman of the Senate Committee on Finance, Sen. Sani Musa, remarked that the tax reform bills are uniting the country. He assured that any differences will be resolved to create legislation that enhances prosperity and aligns with the President’s intentions, as expressed in his recent discussions with the Chairman. Musa emphasized the goal of creating a practical and effective law to guide tax collection and distribution.