By Nathaniel Zacchaeus, Abuja
The Senate said yesterday that the proposed Tax Reform Bills will serve as a critical step to achieve President Bola Tinubu’s vision of a $1trn economy.
The Chairman of the Senate Committee on Finance, Sani Musa, made this assertion while addressing journalists in Abuja.
He said that the reforms are pivotal to strengthening Nigeria’s economic framework, adding that the Committee would embark on a three-day retreat to review stakeholders’ submissions.
Musa stated this while speaking with journalists on the progress of the Bills so far.
He said, “You were all present at the hall there, and you saw how the proceedings went. I can say everything was going seamlessly and smoothly because everyone who wanted to speak was given the opportunity to speak, and we have seen a lot of people who spoke in alignment with what Mr. President has presented to the National Assembly.
“Also, a few of them who have some divergent opinions have presented their case, and we will consider everyone who was there. So, it’s not going to be a problem. We are going to give this country a workable legislation.”
On when the Bills would be passed, he said, “We are going to work assiduously and consider every submission, every memorandum that has been given. The verbatim presentations that people have made, we have them on record.
“We are going to review everything. After this, today, we are going to go for a three-day retreat, and during the retreat, we are going to consult with experts.
“We are also consulting with the Office of the Attorney General of the Federation to see how we can present a law or an Act that is workable, that would not conflict with the Constitution of the Federal Republic of Nigeria.”
He added, “We are taking the advice of everyone who made the presentation. We are going to consider everything on its merit.
“We are not particularly looking at which organization or entity presents, but what is going to be acceptable to all Nigerians, what is going to be acceptable to all regions of this country because what we are trying to do is present a workable law.”
The Senate Finance Committee chairman said, “And when you look at advanced economies, Mr. President has said that he wants to see Nigeria having a $1trn economy and this is the beginning of it, for us to do it, we must do it in a way that is not only during the time of Mr. President.
“Mr. President is only going to stay for likely eight years. And after eight years, there will be another government. So, we want a law that will outlive anybody that is there, even us. That we are making the law, at the end of the day we are going to be the ones also that will have to follow what we have led.
“So, I think it’s not about who presents, it’s about what Nigerians will see as a true reflection of what it should be.”
Meanwhile, the Chairman of the Senate Committee on Sports, Abdul Ningi, said the Bills had assumed a “national dimension.”
Ningi, who earlier opposed the Bills, said the intervention of the State Governors had made it possible for the Senate to organise the ongoing public hearing, enabling critical stakeholders to ventilate their minds and provide their input.
For his part, Ningi said his reservations when the Bills were submitted were based on the fact that the necessary consultations had not been conducted.
However, he said that the Bills have now received a national consensus following the intervention of the 36 state governors.
Ningi said, “First of all, my reservation then about the Tax Reform Bills was based on the fact that there wasn’t a broad consultation and as a parliament and as a representative of the people who should have been consulted other than the segment of the polity, we are not also consulted.
“Particularly, you recall the position of the governors. They were not consulted, which was wrongly pushed into the public arena. I objected to it because of the huge uproar, not only from the Northern perspective, but across the country.”
Ningi noted, “There were a lot of reservations about the hasty manner in which a significant bill like tax reform was being pushed.
“Remember that tax is a global phenomenon and a campaign issue across the developed countries. My position then was, ‘If that is so, why wouldn’t you take time, consult more, and negotiate more? We have a tax reform.’
“There is a Nigerian tax reform that is acceptable to the Nigerians of this country. Over the last few weeks, after introducing the tax reform, you can see that the tax reform bills we are having a public hearing on have drastically been changed to a tax reform that Nigeria needs.
“But having said that, you are all living witnesses what happened at the public hearing yesterday, the tax reform has taken a national dimension.”
