The Chairman of the Senate Committee on Finance, Senator Sani Musa, (APC, Niger North) has assured that the Senate would produce legislation from the tax reform bills that would make the economy a trillion dollar base.
He said President, Bola Tinubu, had tasked the National Assembly in this regard, adding that the legislature is also committed to producing a tax law that would be accepted across the country.
Fielding questions from journalists, Tuesday, at the lobby of the National Assembly in Abuja, Senator Musa also revealed that the Committee would consider all stakeholders inputs on the tax bills, on their merits.
Recall, the Senate on Monday began a 2-Day public hearing on the tax reform bills submitted to it by Mr President in October 2024.
The public hearing is intended to clear grey areas and ensure wider acceptance of the legislation.
“…We are going to give this country a piece of legislation that is workable. We are going to consider every submission and every memoranda that has been given. The paper presentation that people have done we have them on record.
“We are going to review everything. After this today we are going to go in for a three-day retreat and during the retreat we are going to consult with experts. We are also consulting with the office of the Attorney General of the Federation so that we see how we can present a law or an Act that is workable, that will not conflict with the constitution of the federal republic.
“We are taking the advice of everyone that has made the presentation. We are going to consider everything on its own merits.
We are not particularly looking at which organization or which entity presents but what is going to be acceptable to all Nigerians. What is going to be acceptable to all regions of this country because what we are trying to do is to present a law that is workable and when you look at advanced economies Mr President has said that he wants to see Nigeria having a one trillion dollar economy.”
He further emphasised the need for tax laws that will stand the test of time, as he pointed out that “Mr President is only going to stay for a likely eight years and after eight years there will be another government. So, we want a law that will, you know …
“Anybody that is there, even us that we are making the law, at the end of the day, we are going to be the ones also that will have to follow what we have learned.
So I think it’s not about who presents, it’s about what Nigerians will see as a true reflection of what it should be.”
The public hearing is focusing on the Joint Revenue Board Establishment Fund Bill, the Nigerian Revenue Services Bill, the Nigerian Tax Administration Bill, and the Nigerian Tax Bills.
