Group lauds Senate over passage of tax reforms bill for second reading

The Arewa Grassroots Network (AGN) has commended the Senate for passing the Tax Reforms Bills for second reading.

The group said this demonstrates the Senate’s commitment to promoting economic growth, fairness, and transparency in Nigeria’s tax system.

In a statement signed by its President, Danladi Usman, the Arewa group commended President Bola Tinubu for initiating these crucial reforms, which it believes will positively impact the nation’s economy.

Usman noted that the passage of these bills demonstrates the President’s dedication to creating a more equitable and prosperous Nigeria for all citizens.

The Tax Reforms Bills, comprising the Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill, aim to provide a comprehensive framework for taxation in Nigeria.

These bills will enhance revenue generation and promote transparency, accountability, and fairness in the tax system.

The Arewa Grassroots Network expressed delight that these reforms will particularly benefit poor northern states which have been historically disadvantaged in the country’s tax revenue allocation.

“The new tax regime will ensure that our states receive a fair share of the tax revenue, enabling them to fund critical development projects and improve the lives of their citizens,” Usman added.

“For too long, the northern states have been marginalized in the allocation of tax revenue, leading to a lack of investment in critical infrastructure and social services.

“The passage of these bills marks a significant turning point in the history of Nigeria, as it signals a commitment to addressing the economic imbalances that have hindered the growth and development of the northern region.

“We urge the Senate to expedite the passage of these bills into law, ensuring that Nigeria’s tax system is modernized and aligned with international best practices.

“We also call on the National Assembly to work closely with stakeholders, including state governments, civil society organizations, and the private sector, to ensure a smooth implementation of the tax reforms.

“Once again, we commend the Nigerian Senate for taking this bold step towards reforming the country’s tax system. We look forward to the successful passage of these bills into law and the positive impact they will have on Nigeria’s economy and citizens.”