The Senate Committee on Finance has scheduled a two-day public hearing on four critical tax reform bills aimed at restructuring Nigeria’s tax administration and enhancing government revenue.
Chairman of the Committee, Senator Sani Musa, made this announcement after a briefing on Wednesday regarding the role of the Ministry of Finance Incorporated (MOFI) in managing the federal government’s assets.
He acknowledged MOFI’s efforts in implementing economic reforms and highlighted areas for improvement, which the institution has committed to addressing.
Following the briefing, the committee held a closed-door session, where members unanimously agreed on key aspects of the upcoming public hearing, scheduled for February 24 and 25, 2025.
Senator Musa said the hearing, which will be open to all stakeholders, will focus on Joint Revenue Board Establishment Reform Bill, Nigerian Revenue Services Bill, Nigerian Tax Administration Bill and the Nigerian Tax Bill
He emphasized that these reforms aim to streamline tax collection, improve efficiency, and boost government revenue to support infrastructure, education, and economic development.
“We are committed to ensuring a transparent and inclusive legislative process. This public hearing will provide an opportunity for stakeholders—including government agencies, business leaders, tax professionals, and civil society organizations—to contribute to shaping Nigeria’s tax future,” he said.
The Senate has extended invitations to several key institutions, including Federal Ministry of Finance,Coordinating Minister of the Economy, Federal Inland Revenue Service (FIRS),Attorney General of the Federation, Ministry of Trade and Investment,National Bureau of Statistics (NBS), Religious and professional bodies among others.
“These bills, submitted by President Bola Ahmed Tinubu in 2024, have successfully passed their second readings in both chambers of the National Assembly and are now set for public scrutiny,” Senator Musa noted.
Senator Musa reassured the public that all concerns will be addressed, adding that extensive consultations have already taken place with relevant stakeholders to ensure a smooth and effective tax reform process.
“This is a national assignment, and we want to hear from all Nigerians. The goal is to implement a tax system that works for businesses, individuals, and the government,” he stated.
He further explained that the proposed tax reforms align with President Tinubu’s vision to strengthen Nigeria’s economy and enhance revenue generation without overburdening citizens.
“We believe these reforms will create a more efficient, transparent, and business-friendly tax system that will ultimately drive economic growth,” Senator Musa said.
The public hearing will take place at the National Assembly, Abuja, and will be open to all interested parties. The Senate encourages submissions from individuals and organizations with insights on improving Nigeria’s tax administration.
Senator Musa assured that the National Assembly remains independent in this process.
“President Tinubu has made it clear that he will not interfere. It is our duty as legislators to enact laws that will benefit the country economically,” he affirmed.
With this announcement, the Senate is calling on Nigerians to actively participate in shaping a fair, effective, and sustainable tax system for the country’s future.