News

Reps Vow To Prioritize Tax Reform Bill

Published

8 hours ago

Jan 14, 2025.

Reps prioritize Tax Reform and 2025 Budget bills.
Focus is on economic recovery and fiscal stability.
Reforms aim to broaden tax base and reduce borrowing.

The House of Representatives has pledged to give swift attention to the Tax Reform Bill and the 2025 Appropriation Bill as legislative sessions resumed on Tuesday.

The Speaker of the House, Abbas Tajudeen, emphasized the importance of these bills to Nigeria’s economic recovery and fiscal stability. His remarks were delivered by the Deputy Speaker, Benjamin Kalu, during the House’s resumption speech.

EDITOR’S PICKS

EKO HOT BLOG reports that highlighting the legislative priorities for 2025, Abbas said, “The legislative agenda of the House for 2025 prioritizes the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.

“These reforms are essential for broadening the tax base, improving compliance, and reducing dependency on external borrowing. The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable.”

The Tax Reform Bill, which aims to overhaul the nation’s tax system by expanding the tax base and ensuring compliance, was finalized after addressing all contentious issues.

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, confirmed on Monday that the final meeting to resolve grey areas in the bill had been held. He expressed confidence that the bill is ready for passage by the National Assembly.

Reps prioritize Tax Reform

Adedeji, speaking after a meeting between representatives of the federal government and members of the National Assembly led by Senator Abba Moro, said, “All outstanding issues have been resolved, and the bill is now positioned for legislative approval.”

The House’s commitment to timely action on these critical bills reflects its dedication to fostering economic growth and stability while ensuring inclusive policies that benefit all Nigerians.