Senate President Godswill Akpabio has reaffirmed the National Assembly’s commitment to supporting any initiative that has the potential to positively transform Nigeria.
He made this declaration on Wednesday during President Bola Ahmed Tinubu’s presentation of the 2025 budget to a joint session of the National Assembly.
Akpabio described the four tax reform bills included in the budget proposal as a groundbreaking development that could significantly enhance Nigeria’s revenue generation system.
The proposed bills are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024.
According to Akpabio, the tax reforms represent a monumental shift in the country’s fiscal landscape, marking the first comprehensive tax overhaul since Nigeria’s independence.
He emphasized that these bills aim to create a more robust and internationally competitive tax system, which would support sustainable development, boost small and medium enterprises (SMEs), and enhance the overall livelihoods of Nigerians.
While acknowledging the critical role of public engagement in shaping the bills, Akpabio expressed concern over the opposition from certain critics.
He argued that many of those opposing the reforms had not taken the time to study the proposals.
“It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.
“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development,” he stated.
Akpabio assured Nigerians that the National Assembly would give due consideration to the perspectives of the public before finalizing the bills.
He stressed that the goal was to ensure that the proposed laws align with the aspirations and welfare of the people.
Furthermore, he called on President Tinubu to direct ministers and agency heads to personally defend their budget estimates before the National Assembly.
This, he argued, would ensure greater accountability and transparency in the budgeting process.
Reflecting on Nigeria’s economic journey, Akpabio highlighted the nation’s “remarkable strides in economic growth,” attributing the progress to the government’s reform agenda.
He called for continued collaboration between the executive and legislative arms to sustain the momentum.