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Tax Reform: Southern Senators Meet As Tax Debate Continues

Published

1 month ago

Dec 6, 2024.

The Senate clarified on Thursday that the debate on the contentious tax reform bills had not been suspended, refuting claims of a pause in deliberations.

This statement followed an emergency meeting by the South-South caucus, aimed at garnering suppoTax Reform: Southern Senators Meet As Tax Debate Continuesrt for the bills, particularly amidst disagreements over the Value Added Tax (VAT) provisions.

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EKO HOT BLOG reports that the southern senators, in a communiqué signed by Senator Seriake Dickson (Bayelsa West), praised the proposed reforms as pivotal for boosting national revenue and economic stability.

They emphasized a commitment to studying the bills thoroughly to ensure they align with the interests of Nigerians, especially those in the South-South region.

While urging restraint from regional or ethnic sentiments, the caucus expressed confidence in Senate President Godswill Akpabio, passing a unanimous vote of confidence in his leadership. They pledged to collaborate with colleagues across the Senate to foster legislative progress.

Despite this support, confusion ensued over the Senate’s directive to its Finance Committee to temporarily halt public hearings on the bills.

Deputy Senate President Jibrin Barau announced the formation of a special committee to liaise with the Attorney General of the Federation (AGF) to address contentious issues.

However, Senate President Akpabio clarified that the bills remained active, having passed the second reading. He described reports of suspension as misleading and urged stakeholders to participate in upcoming public hearings.

Tax Reform Southern Senators

Akpabio reaffirmed the Senate’s dedication to pursuing reforms beneficial to Nigerians. He highlighted provisions exempting businesses earning below ₦50 million and those on minimum wage from taxation. “These measures aim to reduce the burden on over 100 million Nigerians,” he said.

Meanwhile, disagreements persist in the House of Representatives, where lawmakers and governors have voiced opposition to the bills. Critics argue they impose undue hardship on Nigerians and bypass necessary consultations with the National Economic Council.

As tensions continue, legislative leaders stress the importance of consensus and consultation to ensure the reforms address public concerns while promoting economic progress.