Senate President Godswill Akpabio has attributed the upper chamber’s approval of key tax reform bills to a commitment to national progress rather than political or regional loyalties.
In a statement issued through his spokesperson, Eseme Eyiboh, Akpabio noted that the National Assembly thoroughly reviewed the bills sent by President Bola Tinubu, incorporating feedback from various stakeholders through transparent dialogue and rigorous scrutiny.
The tax reform package, comprising the Nigeria Revenue Service (Establishment) Bill, the Joint Revenue Board Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill—forms a central pillar of the Tinubu administration’s Renewed Hope economic strategy.
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Originally submitted in November 2024, the bills were passed by the Senate last week after prolonged deliberation.
“These reforms are pivotal to restructuring the nation’s tax framework,” Akpabio said.
He said once the bills are signed into law, they will bolster federal revenue streams and introduce a more balanced, efficient system of tax administration.
However, the legislative process encountered significant resistance. A proposal that would have allowed states to retain 60 per cent of VAT collections proved controversial, particularly among northern senators who warned it could deepen economic disparities.
To break the impasse, lawmakers agreed to lower the retention to 30 per cent and revise the terminology to “place of consumption” to reflect a more neutral distribution principle.
Akpabio acknowledged the hurdles encountered during negotiations, noting that even Senate leadership experienced internal divisions.
Nonetheless, he credited the eventual consensus to a spirit of compromise and sustained dialogue.
“The discussions were, at times, intense,” the statement revealed. “But Senator Akpabio’s leadership and consensus-building skills ensured the process remained on track.”
He also extended praise to his colleagues in both the Senate and House of Representatives, singling out House Speaker Tajudeen Abbas for rallying younger legislators behind the reforms.
In addition, Akpabio appreciated state governors who had initially opposed the bills but later aligned with the revised framework.
“The governors’ support was instrumental in lowering political tensions and fostering national acceptance of the reforms,” he said.
Akpabio emphasised that the process was open and inclusive, with contributions from civil society, economic experts, and the general public through public hearings.
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The bills now await Tinubu’s assent, with Akpabio describing their passage as a milestone in the administration’s reform journey.
“With two years remaining in the current term, this achievement lays the groundwork for more impactful economic policies,” he said.
“We must recognise those who worked tirelessly to make it happen.”
