The Speaker of the House of Representatives, Abbas Tajudeen, confirmed that the House has not taken a stance on the recently proposed Tax Reform Bills.
Speaking at an interactive session on the bills in Abuja, Abbas emphasized that while the House will fulfill its duty of scrutinizing and amending the bills where needed, no decision has been made.
The bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill.
President Bola Tinubu sent these proposals to the legislature, but despite the National Executive Council’s recommendation for withdrawal due to controversies, the President insisted on a public hearing to facilitate input.
Abbas highlighted the session’s importance for analyzing the bills’ provisions and fostering constructive dialogue.
He pointed out that Nigeria’s low tax-to-GDP ratio of 6% poses a challenge compared to the World Bank’s benchmark of 15% for sustainable development.
Abbas called for reforms mindful of their societal impact, stressing the need to reduce reliance on debt for fiscal stability and economic growth.
