President of the Senate, Senator Godswill Obot Akpabio, has emphasized the need for a “robust, transparent, and business-friendly tax administration” as he declared open the Two-Day Public Hearing on the Proposed Tax Reform Bills in Abuja.
Describing the reform process as a crucial step toward economic renewal, Akpabio warned that Nigeria risk stagnation if its tax system is not modernized. He stressed the importance of harmonizing revenue collection, enhancing compliance, and leveraging digital innovations to improve efficiency and fairness.
“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,” he stated.
The public hearing, scheduled for February 24–25, 2025, will focus on four proposed bills—SB 583, SB 584, SB 585, and SB 586—designed to streamline tax administration, reduce collection costs, and protect vulnerable taxpayers.
