President of the Senate, Godswill Akpabio has reaffirmed the 10th National Assembly’s commitment to enacting legislative reforms that will strengthen Nigeria’s economic foundation, empower businesses and enhance government accountability.
Declaring open the two-day Public Hearing on the Proposed Tax Reform Bills, Akpabio urged Nigerians to thoroughly read the bills and familiarize themselves with their contents before commenting on tax reforms.
He cautioned against relying solely on social media for information, emphasizing the need for informed discussions.
The Senate President also called for collaboration between Federal, States and Local Governments, the private sector and the civil society to create a tax system that is efficient, equitable, and beneficial to the nation’s long-term growth.
He described the hearing as a transformative step toward economic renewal and prosperity
Akpabio highlighted the objectives of the proposed reforms, which he says aim to modernize, streamline, and optimize the country’s tax system.
The bills seek to harmonize revenue administration across all levels of government, reduce the cost of tax collection while improving compliance.
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They also seek to foster transparency, accountability, and efficiency in tax administration, introduce digital innovations to simplify tax payments and close loopholes.
It also seeks to ensure fairness, protect vulnerable taxpayers and create an environment conducive to economic growth.
He warned that failure to adapt the tax system to current economic realities could lead to stagnation and decline, stressing the importance of moving beyond outdated tax practices and bureaucratic obstacles toward a robust, transparent, and business-friendly system.
The Senate President further emphasized that the Public Hearing is not just a legislative requirement but a call to collective action as well as an opportunity for lawmakers, tax administrators, businesses, and citizens to work together in shaping a fair, transparent, and effective tax regime that serves the interests of all.
(Editor: Okechukwu Eze)
