Tajudeen Abbas: Lawmakers Will Scrutinize Tinubu’s Tax Bills Before Making Final Decision

Tajudeen Abbas: Lawmakers Will Scrutinize Tinubu’s Tax Bills Before Making Final Decision

The Speaker of the House of Representatives, Hon. Tajudeen Abbas, has clarified that lawmakers have not yet taken a definitive stance on the tax reform bills submitted to the National Assembly by President Bola Tinubu. He made this statement on Monday in Abuja during the opening...READ MORE…

of an interactive session focused on the proposed bills.

The four key bills under discussion are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These proposals, according to Abbas, are crucial for expanding Nigeria’s tax base, improving compliance, and establishing sustainable revenue sources for the country’s development.

Abbas emphasized that tax reforms are central to the House’s legislative agenda, given their significant role in achieving long-term economic growth and development. He pointed out that taxes are the foundation of public revenue, necessary to fund essential sectors like education, healthcare, infrastructure, and security.

“Despite being Africa’s largest economy, Nigeria’s tax-to-GDP ratio is just 6 percent—well below the global average and the World Bank’s benchmark of 15 percent for sustainable development,” he said. “This is a challenge we must address to reduce our reliance on debt and ensure the nation’s fiscal stability and future security.”

The Speaker noted that the proposed reforms aim to diversify Nigeria’s revenue streams, promote fairness, and create an environment conducive to investment and innovation. However, he stressed the importance of carefully considering the reforms and their potential impact on various segments of society.

“Taxes must be fair, transparent, and justifiable,” Abbas remarked. “While they are necessary for public revenue, we must ensure they do not unduly burden individuals and businesses.”

He concluded by reaffirming that the House has not yet made a final decision on the bills, underscoring the legislature’s responsibility to thoroughly review the proposals and ensure they serve the best interests of Nigerians.

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