By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Senate to Hold Public Hearing on Tinubu’s Landmark Tax Reform Bills
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
EconomyTop stories

Senate to Hold Public Hearing on Tinubu’s Landmark Tax Reform Bills

Genesis Obong
By Genesis Obong
Published: February 20, 2025
Share
4 Min Read
SHARE

The Senate is set to embark on a crucial two-day public hearing, commencing February 24th and 25th, on four landmark tax reform bills submitted by President Bola Tinubu. This move signals a potential turning point in the nation’s fiscal landscape, aiming to modernize tax administration and significantly boost revenue generation.

The announcement, made by Senator Sani Musa, Chairman of the Senate Committee on Finance, underscores the government’s commitment to overhauling the current system. “We intend to address two of the bills each day of the session to keep the press fully informed about our intentions,” Senator Musa stated, emphasizing the transparency of the process.

These proposed reforms, encompassing the Nigeria Tax Bill, 2024; Nigeria Tax Administration Bill; Nigeria Revenue Service Establishment Bill; and Joint Revenue Board Establishment Bill, have already navigated a robust debate in the House of Representatives, where they passed the second reading. Now, they face rigorous scrutiny in the Senate. Senator Musa believes these bills are transformative, potentially elevating Nigeria’s tax system to match those of advanced economies, thereby unlocking crucial funding for vital sectors like infrastructure, education, and agriculture. “These bills…will significantly overhaul the country’s tax administration and revenue generation, with many provisions being landmark in nature,” he asserted.

These proposed reforms, while ambitious, could be a game-changer if implemented effectively. The public hearing will convene key stakeholders, including the Minister of Finance, the Minister of Trade and Investment, the Attorney-General of the Federation, and the Chairman of the Federal Inland Revenue Service, amongst others. Their insights will be invaluable in shaping the final legislation. As Senator Musa explained, “It is our duty as legislators to do what is necessary for the good of this country…Our goal is to enact laws that will put us on track economically. By the grace of God, we will succeed.”

- Advertisement -

Read Also: Nigeria Set to Overhaul Tax System in July, Aiming to Boost Revenue and Stabilize Naira

However, the path to reform isn’t without its challenges. The bills have faced resistance, particularly from northern governors who have expressed concerns, labelling them “anti-North,”, especially regarding the contentious VAT sharing formula. This has introduced a North-South dimension to the debate, highlighting the complex political dynamics at play. Even the National Economic Council (NEC), comprising governors and chaired by the Vice President, has suggested a temporary withdrawal of the bills for further consultation. Despite these headwinds, President Tinubu has remained steadfast, insisting that all concerns be addressed within the legislative process. This underscores the importance of a robust and inclusive public hearing.

The implications of these reforms are far-reaching. A modernized tax system could unlock significant resources for national development, potentially improving infrastructure, education, and healthcare. But, as with any major policy shift, there are potential risks. It’s crucial that the government addresses concerns about fairness and equity, ensuring that the burden of taxation is distributed fairly across all segments of society. The public hearing provides a vital platform for these crucial conversations. Ultimately, the goal is to create a tax system that is both efficient and equitable, one that fuels economic growth while also protecting the interests of all Nigerians. The coming days will be critical in determining the future of Nigeria’s tax landscape.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Fiscal PolicyLegislationPublic HearingRevenueSenateTax Reformtinubu
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByGenesis Obong
Follow:
Genesis Obong is a Journalist with relevant experience in Business, Finance and Economic matters in Nigeria and across the West African space.
Previous Article Fuel tanker ban NMDRA Bans Mega Fuel Tankers to Curb Accidents
Next Article Nigeria Imports 25 Million Litres of Petrol Daily as FG Confirms Decline in Consumption

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President
News
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users
Tech
President Tinubu and Top Officials Attend Eid-el-Kabir Prayers in Lagos, Emphasize Peace and Progress
News
Elon Musk’s Net Worth Plummets $34 Billion Amid Explosive Feud with Donald Trump
International
BREAKING: Akwa Ibom Governor Pastor Umo Eno Defects from PDP to APC in Strategic Political Shift
Politics Top stories
- Advertisement -
Ad imageAd image

You May Also Like

NewsTop stories

BREAKING: Former Chief Justice of Nigeria, Mohammed Uwais, Passes Away at 89

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
International

Russia Launches Deadly Drone and Missile Strikes Across Ukraine Following Ukrainian Attacks on Russian Bomber Fleet

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Top stories

MTN Nigeria Doubles ICT Industry Average with 41.4% Female Workforce Representation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?