President of the Senate, Sen. Godswill Akpabio, has commended President Tinubu’s tax reform bills stating that it is a ground breaking initiative.
He also promised that the National Assembly will do what is within its powers to ensure that the tax reform bills are passed.
Akpabio, who described the four tax bills -Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024 -as a “groundbreaking initiative” to reposition the country’s finances, blamed the controversies trailing their introduction on critics who had yet to read the bills.
Akpabio spoke at the National Assembly on Wednesday when Tinubu presented the estimates of the 2025 budget to a joint session of the Senate and the House of Representatives.
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He stated, “It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.
“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
The Senate President rallied support for the administration to make greater impacts on Nigerians, noting that in 18 months of it coming on board, it had made remarkable progress.
Akpabio listed the areas of success saying, “Nigerians are taking notice of your remarkable achievements: you have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, increased oil production to 1.8 million barrels per day, and launched the Compressed Natural Gas initiative.
“Your administration has processed over 45.6 billion Naira for student payments, signed the National Minimum Wage Law, and raised the national minimum wage to N70,000 a month, all while providing over N570 billion in financial support to the 36 states.
“Notably, your infrastructure renaissance has paved the way for many roads, including the Coastal Road and crucial arteries in Abuja Capital City and other parts of our dear country.
“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth.”
Akpabio also recalled other far-reaching decisions the Tinubu took in a bold move to refocus the country from the days of waste, including the removal of petrol subsidies and efforts made to tackle insecurity and give Nigeria an improved rating globally.
He added, “Under your administration, we have witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth.
“The courageous decision to remove fuel subsidies, though challenging, showcases your unwavering commitment to redirecting resources to critical sectors such as education and healthcare.
“Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.
“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time.
“We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror.
“Today, no community is under the threat of terrorism, a monumental achievement we celebrate together.
“The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination.
“Your dedication to fostering international relations paves the way for fruitful partnerships that will propel our nation forward.
“We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians traveling to other countries, and at the same time welcome investors and tourists alike to our country.
“Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.”
While pledging that the Legislature would do its bit by thoroughly processing the budget, Akpabio asked ministers and agency heads to respond promptly to invitations for appearance and defend their proposals.
He warned that this time round, the National Assembly would not condone any acts of delay or deliberate neglect of invitations.
The Senate President said, “We commend your steadfast commitment to collaborate, cooperate, and work with the National Assembly to achieve your grand vision for Nigeria.
“However, let me take this opportunity to stress the importance of the Honourable Ministers and Heads of Extraministerial Departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.
“We have observed concerning behavior from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant Committees of the legislature.
“It is imperative they understand that we will not condone such breaches of the Constitution going forward.”
