Only 30% Of Nigerians Pay Tax, Says Akpabio

Senate President, Godswill Akpabio, has stated that less than 30% of Nigerians pay taxes to the Federal Government.

Despite this, he said, citizens expect the government to deliver top-tier infrastructure, education, security, and other essential services.

Akpabio made this known on Monday while declaring open a public hearing on tax reform bills sent to the National Assembly on October 3, 2024, by President Bola Tinubu.

He emphasised the necessity of tax reforms, noting that the country cannot continue to repeat past practices without meaningful change.

According to him, once the bills are passed, the National Assembly will strengthen its oversight to ensure resources are used judiciously.

He urged Nigerians to engage with the legislative process instead of relying on social media narratives.

“The public hearing should be used to think of a better Nigeria.

“I will stay for two days and participate in the process because I am tired of social media. Most leaders in this country never saw the content of the bills before attacking the process,” Akpabio said

He encouraged participants to obtain copies of the tax reform bills and scrutinise them thoroughly rather than depending on misinformation.

Among those present at the hearing were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Attorney-General of the Federation, Lateef Fagbemi (SAN); Chairman of the Federal Inland Revenue Service, Zacch Adedeji; and the Comptroller-General of the Nigeria Customs Service.

Earlier, the Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), highlighted the significance of the tax reform bills. He noted that the committee had invited 71 stakeholder groups to contribute to the discussions.

“Both the Senate and the House of Representatives have done the second reading on the reform bills and are ready for the public hearing.

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

He further explained that the bills were designed to enhance government revenue and ensure economic sustainability.

“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, agriculture, and other key sectors will be adequately taken care of,” he added.

The tax reform bills under consideration include the Nigeria Tax Bill (NTB) 2024, the Nigeria Tax Administration Bill (NTAB) 2024, the Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and the Joint Revenue Board (Establishment) Bill (JRBEB) 2024. These bills passed a second reading in the Senate on November 28, 2024, and were forwarded to the Committee on Finance for further legislative scrutiny.

Source:- Punchng

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