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The Labour Party has firmly rejected fresh allegations of covert collaboration with President Bola Tinubu and the All Progressives Congress in support of his re-election for the 2027 general elections. The National Publicity Secretary of the Labour Party, Obiora Ifoh, clarified the party’s position in a statement issued in Abuja on Friday. Ifoh’s response came
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The Speaker of the House of Representatives, Hon. Tajudeen Abbas, has said that the Green Chamber is yet to take a stand on the tax reform bills sent to the National Assembly by President Bola Tinubu. Abbas disclosed this on Monday in Abuja while declaring open an interactive session on the proposed bills. The bills
Reps yet to take stand on tax reform bills – Abbas
The Speaker of the House of Representatives, Hon. Tajudeen Abbas, has said that the Green Chamber is yet to take a stand on the tax reform bills sent to the National Assembly by President Bola Tinubu.
Abbas disclosed this on Monday in Abuja while declaring open an interactive session on the proposed bills.
The bills are: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
The Speaker noted that the four bills represent critical proposals from the executive to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams for the nation’s development.
Abbas explained that the purpose of this session is to provide lawmakers with a comprehensive understanding of the proposed bills.
According to him, it is designed to deepen our appreciation of their provisions, commence constructive dialogue on contentious or controversial areas, and build the consensus necessary to produce versions of the bills that align with the interests of the executive, the legislature, sub-national governments, and the Nigerian people. Importantly, this session will help us identify areas needing amendment, clarification, or improvement and consider the compatibility of these bills with the 1999 Constitution (as amended) and other extant laws.
Abbas emphasized that tax reforms are a cornerstone of the House Legislative Agenda because of their central role in achieving sustainable economic growth and development.
He stressed that in every modern state, taxes are the bedrock of public revenue, providing the resources required to deliver education, healthcare, infrastructure, and security.
Abbas noted, “Yet, Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 percent—far below the global average and the World Bank’s minimum benchmark of 15 percent for sustainable development.”
“This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation.”
The Speaker said the proposed tax reform bills aim to diversify the country’s revenue base, promote equity, and foster an enabling environment for investment and innovation.
He added, “However, as representatives of the people, we must approach these reforms thoughtfully, understanding their potential implications for every segment of society.”
“Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.”
“Let me be clear: the House has not yet taken a definitive position on these bills. Our role is to scrutinize them thoroughly, ensuring they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians.”
Abbas said the controversies surrounding these bills—whether in the media, civil society, or among governance stakeholders—are a reflection of their importance.
Reps yet to take stand on tax reform bills – Abbas
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The race to qualify for the Africa Cup of Nations Morocco 2025 intensifies as Matchday 3 kicks off today, Thursday, 10 October 2024. Teams from across the continent will be competing for crucial points in their quest for a place in the prestigious tournament. Group J features a clash between Namibia and Zimbabwe, with the
