The Nigerian Senate has described the proposed tax reform bills as a critical step toward achieving President Bola Tinubu's vision of a $1 trillion economy. Speaking to journalists in Abuja on Tuesday, Senate Committee on Finance Chairman, Sani Musa, emphasized the importance of the reforms in strengthening Nigeria's economic framework.
Musa disclosed that the committee would embark on a three-day retreat to review stakeholder submissions and consult with economic experts and legal professionals, including the Office of the Attorney General of the Federation.
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"We are determined to give this country a workable and inclusive legislation. The bill will take into account the interests of all Nigerians, ensuring economic policies that are sustainable beyond President Tinubu's tenure," Musa stated.
The Senate Committee on Sports Chairman, Abdul Ningi, who initially opposed the bills, acknowledged that extensive consultations with state governors had fostered a national consensus on the proposed reforms.
Meanwhile, Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, commended Nigerians for embracing the tax reforms, which he said would enhance revenue generation and economic stability.
Additionally, the Manufacturers Association of Nigeria (MAN) supported the proposed reforms on Free Trade Zone (FTZ) operations, clarifying that goods manufactured in FTZs and sold in the domestic market are not entitled to tax exemptions.
The Senate assured Nigerians that the reforms would help improve business transparency, economic competitiveness, and revenue efficiency, all of which are crucial to achieving a $1 trillion economy in the coming years.
