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Senate Nears Public Hearing on Tax Reform Bills

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The Senate is set to hold a public hearing on the proposed Tax Reform Bills, bringing them closer to a third reading and final passage.

This development followed a closed-door meeting on Monday between the Senate Ad-hoc Committee on Tax Reform and top government officials.

Attendees included the Attorney General of the Federation, Lateef Fagbemi (SAN); Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele; and Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu.

The Ad-hoc Committee, chaired by Senator Abba Moro, was formed in December 2023 to engage with the Federal Government on contentious areas of the proposed tax legislation.

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Senator Moro confirmed that significant progress had been made in resolving issues surrounding the bills.

“After thorough discussions with government officials, we have reached meaningful agreements. Our goal is to finalise a law that serves the interest of all Nigerians,” Moro stated.

He expressed confidence that the committee would soon conclude its work, clearing the way for the bills to move forward.

“By our next meeting, we expect to have even more positive developments to share,” he added.

FIRS Chairman Zacch Adedeji also acknowledged the progress, stating that all contentious issues had been addressed.

“The grey areas have been clarified, and we are aligned on the next steps. Further meetings won’t be necessary as stakeholders now agree on the need for these reforms,” Adedeji said.

He emphasised that lawmakers, government officials, and tax administrators are now unified in support of the proposed tax laws.

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