The House of Representatives is set to commence debate on four significant tax reform bills on Tuesday, December 3, 2024. These bills, introduced by President Bola Tinubu, aim to revamp Nigeria's fiscal framework and enhance the efficiency of tax administration.
Philip Agbese, the deputy spokesman for the House of Representatives and a member of the All Progressives Congress (APC) from Benue, announced the upcoming debate. "We hope to debate these bills on Tuesday, and we expect robust deliberations that will ultimately lead to the passage of the bills," Mr. Agbese stated during a press briefing in Abuja.
The proposed legislation includes the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These bills are designed to provide clear legal frameworks for all taxes, reduce disputes in tax administration, and stimulate the country's fiscal policy.
Mr. Agbese emphasized the importance of these reforms, noting, "Nigerians will appreciate it very soon because when these bills are passed, and the federal government has more money to spend, critical infrastructure will be developed, jobs will be created, and, to a great extent, poverty will be reduced."
He also highlighted the role of Zacchaeus Adedeji, the executive chairman of the Federal Inland Revenue Service (FIRS), in championing these reforms. According to Mr. Agbese, FIRS collected a record N12.374 trillion in 2023, surpassing its target by 10.7 percent, and has set an ambitious revenue target of N19.41 trillion for 2024.
The deputy spokesman called on Nigerians to rally around the tax bills, asserting that the interest of the country should surpass individual or sectional considerations. "If the tax bills are well implemented, we will have a new tax regime that takes away the burden from poor Nigerians and small companies; it is a new thinking that will do us good," he added.
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