The Senate and the Federal Government’s team, led by the Attorney General of the Federation, Lateef Fagbemi (SAN), finally met on Monday to iron out the grey areas in the four Tax Reform Bills sent by President Bola Tinubu to the National Assembly.
Amid the controversy generated by the bills, the President had last year expressed his willingness for a review, directing that the AGF should meet with the legislators to iron out grey areas.
The two teams met on Monday behind closed doors for over two hours.
Emerging from the meeting, Senator Abba Moro, who chairs the Senate’s ad hoc committee on tax reforms, said the discussions were fruitful, with significant progress made, while also hinting at a public hearing soon.
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.”
Moro said the upcoming public hearing would provide an opportunity for broader stakeholder engagement.
“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.