The Nigerian Senate has started a two-day public hearing on the tax reform bill to form a collective perspective among concerned stakeholders about the country’s taxation system and its upcoming reforms.

The public hearing, which would be held on Monday and Tuesday, February 24 and 25, 2025, featured stakeholders and high-profile officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Attorney-General of the Federation, Mr. Lateef Fagbemi; the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Statistician-General of the National Bureau of Statistics, Adeyemi Adeniran; the Minister of Petroleum; and the Minister of Trade and Investment, who would be attending the hearing.

Organised by the Senate Committee on Finance, the public hearing focused on addressing some of the major concerns about the tax reform bill and the collaboration of the different parastatals to further bolster the country’s revenue generation, especially since the bill had been opposed in the past.

In his remarks, Senator Sani Musa, the chairman of the Senate Committee on Finance, stated that the Senate has invited 71 different stakeholder groups to contribute to the public hearing to further expand and incorporate their inputs on the proposed tax reform committee.

He further stated that the reform bills will further “boost government revenue generation, enabling Nigeria to move towards an advanced economy where infrastructure, education, and agriculture—key pillars of national development—are adequately funded.

“The bills have been read by all members of the committee with a better understanding of what they are aimed at, like in the areas of tax administration, collection and operations in Nigeria.

“The main purpose of the reform bills is to see how the government will generate more revenue so that we’ll be able to put our country on the pedestal of advanced economies where infrastructure, education, agricultural sector and virtually every sector that revolves around the ecosystem of the economy will be adequately taken care of,” he said.

Speaking at the hearing, the President of the Senate, Godswill Akpabio said the proposed taxation bills are aimed at leaving the old system behind and embracing the new reforms that will modernise the country’s revenue generation.

He further called on the Nigerians to embrace the proposal to avoid stagnation and decline in the country’s economy for the benefit of the coming generation.

‘A bird that does not leave its nest will never know the richness of the forest.’ Today, we’re deciding to abandon outdated tax practices and bureaucratic obstacles in favour of a robust, transparent, and business-friendly tax administration.

He further explains that the bills will “harmonise revenue administration across all tiers of government; Reduce the cost of tax collection and enhance compliance; foster transparency, accountability, and efficiency in tax administration.

“Introduce digital innovations to simplify tax payments, close loopholes, ensure fairness, protect vulnerable taxpayers, and create an environment conducive to economic growth.”

Speaking on the essence of the public hearing, the senate President said it is a collective burden of the citizens to form a transparent and working tax regime “This public hearing represents more than a legislative requirement; it is a call to collective action, a platform for dialogue where lawmakers, tax administrators, businesses, and citizens come together to craft a fair, transparent, and effective tax regime that reflects the interests of all Nigerians.”

“The challenge before us transcends the simple act of passing new laws; it is about constructing a tax system that inspires confidence, promotes development, and fuels national growth.

“As we deliberate on these bills, let us seize this moment, not just for ourselves, but for future generations, to lay the foundation for a stronger, more resilient, and prosperous Nigeria,” he concluded.

This development is coming amid the national debate over the tax reform bills proposed by President Bola Tinubu to the National Assembly.

Despite strong opposition from some Nigerians, especially those from the North, who argued that the reforms would not bring economic balance to the nation, the four bills have now passed second reading in both the Senate and the House of Representatives.

While the bills have passed the second reading in the National Assembly, there have been calls for public engagements among stakeholders to enhance collaborations among the concerned stakeholders.