The House of Representatives has not taken any decision on the Tax Reform Bills.
The Speaker Tajudeen Abbas revealed when he addressed the interactive session on the Bills being held at the National Assembly, Abuja, on Monday.
He said the House would scrutinise the contents of the bills and effect amendments where necessary.
The bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
President Bola Tinubu forwarded the bills to the National Assembly last month.
The National Executive Council (NEC) recommended its withdrawal as a result of some controversies, which Tinubu refused, saying those who wanted to make contributions could do so during a public hearing at the National Assembly.
Abbas said interaction on the bills would help the House navigate the complexities so that members may forward whatever observation or questions they have regarding the bills.
“It is designed to deepen our appreciation of their provisions, commence constructive dialogue on contentious or controversial areas, and build the consensus necessary to produce versions of the bills that align with the interests of the executive, the legislature, sub-national governments, and the Nigerian people. Importantly, this session will help us identify areas needing amendment, clarification, or improvement and consider the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws.
“Tax reforms are a cornerstone of our House Legislative Agenda because of their central role in achieving sustainable economic growth and development. In every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security.
“Yet, Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation”.
According to the Speaker, Nigeria must approach these reforms bearing on mind their financial implications on each strata of the society, hence the need to come together and scrutinize the provisions.
The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said Nigeria must do more to address inflation which is now put at 33 per cent high with a high public debt, adding that 97 per cent of Nigeria’s revenue was spent on debt servicing in 2020.
He said the Naira lost value in 10 years than the Kenyan Shillings and South African Rand which he said were countries that are not better off in many economic indices, but have more strong policy reforms than Nigeria.
According to him, Nigeria is still running low budgets.
