TAX REFORM: WE’RE CONSULTING STAKEHOLDERS to ADDRESS CONCERNS – SPEAKER ABBASS 18-12-24
By Sadiq Aminu The Speaker of the House of Representatives Dr. Abbas Tajudeen, says the leadership of the House has commenced a series of engagements with the relevant stakeholders to address the concerns raised on the four tax reform bills forwarded to the National Assembly by President Bola Ahmed Tinubu.
The delivering his remarks during the presentation of the 2025 budget to a joint session of the National Assembly by President Tinubu, the Speaker noted that Nigeria needs “comprehensive tax reforms to broaden our tax base.
According to Dr Abbas, the leadership has had engagements with some of the stakeholders which included states governors, caucus leaders, among others to get their inputs on the tax reforms bill.
He emphasized that the House, and the National Assembly in general, would ensure equity and the protection of vulnerable Nigerians.
Dr. Abbas explained that Nigeria’s low tax revenue also remains a major constraint.
“Even our VAT collection efficiency – at approximately 20 per cent – is notably below the near 70 per cent efficiency achieved by South Africa, Equatorial Guinea, and Zambia.”
The Speaker noted that, Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.
He expressed the readiness of the National Assembly to work with the Tinubu administration towards achieving the required reforms.
The Speaker also noted that the reforms by the Tinubu administration have “disrupted the status quo, sparking resistance from vested interests.” He added: “Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”
The Speaker noted that collaboration between arm the arms of the government remains essential to achieving the shared objectives.