The Speaker of the House of Representatives, Hon. Tajudeen Abbas, has said that the lawmakers have not taken a stand on the tax reform bills sent to the National Assembly by President Bola Tinubu.
He stated this on Monday in Abuja while declaring open an interactive session on the proposed bills.
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.
Abbas noted that the four bills represent critical proposals from the executive to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams for the nation’s development.
He emphasized that tax reforms are a cornerstone of the House Legislative Agenda because of their central role in achieving sustainable economic growth and development.
The Speaker stated that taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security
He noted, “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.”
The Speaker said the proposed tax reform bills aim to diversify the country’s revenue base, promote equity, and foster an enabling environment for investment and innovation.
He added, “However, as representatives of the people, we must approach these reforms thoughtfully, understanding their potential implications for every segment of society.”
“Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.
“Let me be clear, the House has not yet taken a definitive position on these bills. Our role is to scrutinize them thoroughly, ensuring they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians.”