The House of Representatives Minority Caucus has supported the Federal Government’s efforts to reform Nigeria’s tax system while calling for a review of key provisions in the proposed tax reform bills.
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The bills were transmitted to the National Assembly on September 3, 2024, by President Bola Tinubu, based on recommendations by the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms.
The proposed bills include the Nigeria Tax Bill 2024, which establishes a fiscal framework for taxation; the Tax Administration Bill, aimed at providing a clear legal framework for all taxes and reducing disputes; the Nigeria Revenue Service Establishment Bill, which would replace the Federal Inland Revenue Service Act; and the Joint Revenue Board Establishment Bill, which would create a tax tribunal and tax ombudsman.
Speaking exclusively to The PUNCH, Minority Caucus Leader Kingsley Chinda commended the bills but criticized the N50 million Company Income Tax exemption, arguing it falls short of addressing Nigeria’s inflationary pressures. He suggested increasing the threshold to at least N100 million.
Chinda emphasized the need to expand the tax net rather than increase existing taxes, stating, “More individuals and entities should be brought into the tax net, and leakages should be plugged. Only after achieving this can we consider increasing taxes.”
Chinda further urged lawmakers to seize the opportunity to update outdated tax laws, ensuring alignment with current economic realities.
Mansur Soro, representing Darazo/Ganjuwa Federal Constituency in Bauchi State, highlighted the importance of consulting stakeholders, including state governors, through the National Economic Council (NEC). He warned that bypassing the NEC could set a precedent detrimental to federal-state relations.
Soro acknowledged some positive provisions in the bills, such as the tax-free benchmark and centralized revenue management, but stressed that broader input was essential for meaningful reform.
Osun State lawmaker Oluwole Oke urged critics of the bills to allow the legislative process to proceed. He advocated for debating the principles, merits, and demerits of the bills on the House floor.
“The bills have been gazetted and read for the first time. Let’s debate their principles, listen to the public, and incorporate feedback from our constituents,” Oke stated.
Despite differences, lawmakers agreed on the need for tax reforms to address Nigeria’s fiscal challenges. Chinda called for a balanced approach that protects the interests of citizens, while Soro and Oke emphasized stakeholder inclusion and adherence to legislative procedure.
As the National Assembly resumes, the tax reform bills are set to be a focal point of debate, reflecting the critical balance between fiscal modernization and economic inclusivity.
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