The Nigerian Senate proposes tax reforms vital for achieving a $1 trillion economy as envisioned by President Bola Tinubu. The Finance Committee, led by Sani Musa, is conducting thorough stakeholder consultations and will undergo a three-day retreat to ensure legislation considers diverse submissions. The process signifies a commitment to a sustainable economic future that benefits all regions of Nigeria.
The Nigerian Senate is advocating for proposed Tax Reform Bills as essential for realizing President Bola Tinubu’s goal of establishing a $1 trillion economy. Sani Musa, the Senate Committee on Finance Chairman, expressed that these reforms are crucial in bolstering Nigeria’s economic structure. He noted a planned three-day retreat to assess the submissions from various stakeholders involved in the reform discussion.
Musa emphasized the smooth and inclusive nature of discussions during the ongoing public hearings, highlighting that all voices present were heard. He assured that divergent opinions would be acknowledged and that the committee aims to draft legislation which resonates positively with all Nigerians, irrespective of their affiliations.
On the timeline for passing the Bills, Musa committed to thorough consideration of all public inputs, indicating that the committee holds detailed records of presentations. Collaboration with legal experts, including the Attorney General’s Office, is crucial to ensure the proposed laws comply fully with the Nigerian Constitution, aiming for a practical and enduring tax framework.
The Finance Committee Chairman pointed out the vision for Nigeria’s economic future, underlining the importance of these Bills in establishing a robust economic framework that extends beyond the current administration. The intention is to create legislation that remains beneficial beyond the tenure of Mr. Tinubu, ensuring the framework is useful for all subsequent administrations.
In discussions, Abdul Ningi, the Chairman of the Senate Committee on Sports, acknowledged the Bills have gained broader national significance, particularly after the intervention of state governors which prompted further public hearings. His previous apprehensions were rooted in the lack of extensive consultations prior to submitting the Bills, which he now asserts have undergone significant revisions to reflect a consensus across Nigeria.
Ningi reiterated that consultations have transformed the Bills to align more closely with national needs. He pointed out the necessity of extensive discussions around tax reform given its global implications and past resistance based on perceived haste in the process, indicating a favorable shift toward a publicly accepted tax reform model in Nigeria.
In summary, the Nigerian Senate is making strides towards enacting critical tax reforms aimed at achieving a $1 trillion economy under President Tinubu’s leadership. These reforms are being shaped through comprehensive consultations among various stakeholders, ensuring inclusivity and regional acceptance. The ongoing discussions reflect a commitment to establishing a sustainable economic framework that is aligned with national interests, marking a pivotal moment in Nigeria’s legislative landscape.
Original Source: businessday.ng
