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The long-awaited meeting between the Senate and the Federal Government’s team, headed by Attorney General Lateef Fagbemi (SAN), took place on Monday to iron out the remaining complexities in the four Tax Reform Bills presented by President Bola Tinubu to the National Assembly. The discussions were aimed at resolving any ambiguities and aligning both the executive and legislative branches on the specifics of the proposed reforms, which hold substantial implications for Nigeria’s tax system.
In the wake of the heated debate surrounding the bills, President Bola Tinubu had, last year, voiced his openness to a comprehensive review. He instructed the Attorney General of the Federation (AGF) to engage with legislators in order to resolve any lingering uncertainties within the proposed reforms. This directive underscored the President’s commitment to addressing concerns and fostering a more collaborative approach to the legislation.
The two teams gathered in a closed-door meeting on Monday that spanned more than two hours. Upon concluding the session, Senator Abba Moro, who leads the Senate’s ad hoc committee on tax reforms, remarked that the discussions had been constructive and yielded substantial progress.
He also dropped a hint that a public hearing could be on the horizon, hinting at the next phase of the reform process, which would involve wider engagement.
He said, “We interfaced with the AGF, the RMAFC Chairman, and the FIRS Chairman to evaluate the contentious points regarding the tax bills. We have agreed to streamline the processes to ensure the final law serves the interest of all Nigerians.”
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Moro highlighted that the scheduled public hearing would offer a valuable occasion for a broader range of stakeholders to engage in the conversation, helping to ensure the reforms reflect a wide spectrum of interests.
“We are now working towards synthesising input from all parties, and we are optimistic about finalizing the process soon,” he added.
The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, expressed optimism about the bills passing legislative scrutiny, noting that the meeting had resolved all previously identified concerns.
“All grey areas were clarified today. The AGF, lawmakers, and we, the operators, are now aligned. We’re confident the laws will meet the expectations of Nigerians,” Adedeji said.
The proposed reforms include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.
These bills aim to overhaul the nation’s tax system to enhance efficiency and revenue collection.
The bills, which passed second reading in the Senate on November 28, 2024, have drawn significant attention due to their potential impact on Nigeria’s fiscal landscape. With the planned public hearing, the Senate seeks to ensure the final legislation reflects diverse perspectives and garners broad support.