The Federal Government is advancing critical tax reforms aimed at strengthening Nigeria’s economy and promoting inclusive growth. Speaking at a public hearing held at the Senate building in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the need for the swift passage of four key tax reform bills.
The two-day hearing, organized by the Senate Committee on Finance, represents a major step in modernizing Nigeria’s tax administration and fostering an investment-friendly business environment.
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 introduced to the National Assembly by President Bola Ahmed Tinubu in October 2024 and passed second reading in November.
In his address, Senate President Godswill Akpabio urged Nigerians to support the proposed reforms, emphasizing that overhauling Nigeria’s outdated tax system is essential for long-term economic prosperity. He highlighted the need to eliminate bureaucratic inefficiencies and replace them with a transparent, business-friendly tax structure aligned with global best practices.
Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, reassured stakeholders that the reform process will be thorough, inclusive, and driven by national interest. He noted that the goal is to create a fair, efficient, and investment-attractive tax system that benefits all Nigerians.
Director of Information and Public Relations, Mohammed Manga, in a statement quoted the minister to have dvocated for the reforms, reaffirming the administration’s commitment to fostering an economic climate that will encourage investment, job creation, and sustainable growth.
He emphasized that taxation should support businesses rather than stifle them, stating:
“Our goal is to tax prosperity—not struggling businesses. We want enterprises to grow, reinvest, and create jobs before they are taxed.”
The Minister also highlighted positive economic indicators, including:
Rising foreign reserves, Stabilized inflation rates and a narrowing budget deficit
These, he said, demonstrate the success of the government’s broader economic reforms.
A Milestone for Nigeria’s Economic Future
The public hearing provided a platform for key stakeholders to voice their perspectives and help shape a tax system that promotes inclusive growth and long-term economic stability.
The passage of these tax reform bills will mark a significant milestone in Nigeria’s economic transformation, paving the way for a more efficient, transparent, and investment-friendly tax system.
The Federal Ministry of Finance remains committed to collaborating with all stakeholders to ensure that these reforms deliver broad-based benefits and drive sustainable national development.