The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians in considering the tax reform bills.

Akpabio made the pledge on Wednesday in Abuja at a roundtable on the four tax reform bills organised by the National Institute for Legislative and Democratic Studies (NILDS).

He said that the bill before the National Assembly represented a critical step forward in modernising Nigeria’s tax system.

He explained that the bills, when passed into law, would ensure a more equitable distribution of the tax burden among all Nigerians.

According to him, these bills aim to enhance efficiency, improve revenue generation, and ultimately, build a stronger, more prosperous Nigeria for all.

Akpabio acknowledged that the introduction of the bills had been met with some misunderstanding and politicisation by certain segments of the society.

The senator said that the misunderstandings should not be seen as a setback, but rather as a testament to the growing democratic maturity of the country.

“As your representatives, we want to assure our compatriots that the members of the National Assembly have heard your voices.

“We stand here, not as adversaries, but as partners in the quest to build the Nigeria of our dreams.

“We know that we have the unwavering trust of the Nigerian people, and we will never, ever, betray that sacred trust in the performance of our duties.

“Let us use this moment to reaffirm our unwavering commitment to a National Assembly that is pro-people, pro-democracy, and pro-progress.

“As the great Nelson Mandela once said, “It always seems impossible until it’s done.” My friends, together, we can make the impossible, possible with this tax reforms,” he said.

He commended the organisers for the initiative saying that NILDS had consistently demonstrated its commitment to fostering constructive dialogue and serving as a bridge between the legislature and the Nigerian people.

Earlier, the Director-General of NILDS, Prof. Abubakar Sulaiman, said that the importance of an efficient tax system to national development was a public knowledge.

He said that one of the challenges Nigeria faced as an emerging economy was the presence of several policy and institutional weaknesses that created loopholes in the tax system.

According to him, this singular challenge remains one of the pitfalls of effective public financial management in Nigeria.

The director-general said that there was an urgent need for tax reforms in the country saying that it was long overdue.

Sulaiman explained that contrary to the fears expressed by many, the tax reforms were designed to reduce the burden of taxation of all people by the government.

 The DG said that it would also make the tax system more progressive and less regressive while  simplifying the tax system by making it more accountable and understandable.

He said that the controversies surrounding the bills underscored the need for a fair and balanced tax system that mirrors the specificities of the Nigerian society.

“Therefore, as Nigerians continue to debate the merits and demerits of the tax reform bills, it is imperative to create the platform for engagements by all stakeholders towards passing a law that lays a strong fiscal and revenue foundation for sustainable growth and development in Nigeria.

“It is expected that the discussions today shall cover the main reforms contained in the tax reform bills, explore the extant legal and institutional challenges inherent in the current tax system and the interventions of the tax reform bills within prevalent social, political, and economic context.

“The core objective of today’s engagement therefore, is to explore perspectives on the potential short and long-term benefits and risks of reforms contained in the new tax reform bills.

“I hope that deliberations at this roundtable form the crucible for policy recommendations that will be taken into cognisance during the passage of the bill into law,” he said.

Also speaking, Mr Taiwo Oyedele, the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, provided answers to the many misconceptions on the bills.

Oyedele said that the tax bills carried reforms that were important for the growth and development of the country which Nigeria could not afford to lose.

He said that one of the most debated section of the bills was on the VAT sharing formula which the existing formula was being challenged in court by two states of the federation.

Oyedele said that the bills sought to correct it as it would be chaotic if states were allowed to collect VAT because it would not augur well with businesses in the country.

The chairman said that the bill did not have any clause to merge existing agencies saying that the bills sought to enhance collaboration.

He also a said that contrary to opinion held by some group, the bills did not have any clause to task the poor.

The chairman said that the bill, when passed into law, would exempt low income earners from paying Personal Income Tax as well as small businesses.

He said that on the long run, all Nigerians would be better for it as they would be beneficiaries of the reforms. (NAN)

The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage, and uncommon zeal to entrench good governance in the state.

Dajo stated this in his remarks during the presentation of the 2024 budget estimates to the house by Alia on Wednesday in Makurdi.

The speaker said that as elected representatives of the people, lawmakers could attest to the smiles on the faces of their constituents.

“For instance, apart from the payment of pensions and salaries between the 22nd and 23rd of every month, Mr Governor, you graciously approved and implemented a N75,000.00 minimum wage with arrears for Benue workers in November, 2024.

“This amount is one of the highest among the 36 states in the country,” he said.

He noted that the progress on road infrastructure, investment in Information and Communication Technology (ICT) to digitalise the state institutions, and the silent industrial revolution under the Benue Investment and Property Company (BIPC) was outstanding.

Dajoh lauded the effective management of the security challenges facing the state as among the achievements of the 2024 budget under your watch.

The speaker expressed optimism that the 2025 budget would be used to sustain the achievements recorded so far and accommodate new projects and programmes to move the state to the next level of development.

He assured that the house was willing to process the budget estimates speedily and return the same within record time.

Dajoh, however, decried a lack of a befitting chamber and office accommodation for members of the assembly.

“May I once again bring to the attention of the governor that the house does not have a befitting chamber and office accommodation for members.

“I, therefore, request that His Excellency see to the completion of the comprehensive renovation that he began last year.

“Otherwise, most members use their cars as offices, and this is not honourable,” Dajo said.(NAN)

President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors by removing administrative bottlenecks in the energy and solid minerals sectors.

Tinubu said this at a business session during the State Visit of Mr Frank-Walter Steinmeier, the German President, at the Presidential Villa, Abuja.

He said activation of the latent potential in the energy sector remained central to Nigeria’s development.

“I welcome Mr President to Nigeria and the State House. Your visit is a significant milestone. And I must thank you for the warm reception when I visited Germany.

“We need each other, and you emphasised this in our private discussion.

Nigeria is going through a transformative period and trying to align with the best strategy and practices on good governance globally.

“We like our relationship with you as friends and partners. Germany is well-industrialised and renowned for its sustainable infrastructure,” Tinubu said.

He reassured the German businessmen that Nigeria was ready and open for business.

“As you mentioned, you are ready to support Nigeria in the energy sector, which you have long been doing.

“Also, in alternative energy, we have the sun, and you have the technology. We should continue our partnership in every way that we can,” said the President.

Tinubu said the Ministries of Foreign Affairs, Solid Minerals, Power, Industry, Trade and Investment had been directed to work closely with investors to develop the energy sector.

“I will re-emphasise again and again, we must enhance the possibility of becoming highly industrialised by exploring opportunities in our natural resources,” he added.

Tinubu said the country’s reforms had been designed to bring long-term prosperity through sustainable and dependable frameworks.

“We are synchronising to ensure a grounded and flourishing partnership that brings prosperity to our people. We know that Germany has the capacity and is involved in regional cooperation and collaboration.

“We are glad that we are trading in Euro with you. We are more transformative than before. We have made changes in the way we do business. It is now easy in and easy out for investors.

“We are projecting investment in gas and alternative energy. Our transformation involves natural gas.

“We are leveraging solid minerals, particularly lithium. We have a dynamic, anxious-to-learn and flexible youth population.

“We have many Nigerian students who were trained in Germany. We want domestic investment that will promote growth in our economy. Equally, we need skill development,” the President said.

Tinubu noted that Small and Medium Enterprises were also being repositioned to play a more central role in development, assuring that bottlenecks to investments had been removed.

In his remarks, the German President assured Tinubu that there were also more specialised companies in Germany that would be encouraged to look towards Nigeria for expansion opportunities beyond the big brands in the energy sectors.

“There is a growing interest in Nigeria on the German side beyond those who are already here, like Siemens. Other companies are looking for investment opportunities, especially in renewable energy,” he stated.

In his presentation, Mr Dele Alake, the Minister of Solid Minerals Development, said Germany had a dedicated one billion Euro fund for diversifying the supply chain in renewable energy, and modifying the conditions could easily accommodate the opportunities in Nigeria’s solid minerals sector.

Alake said the critical minerals for energy transition, cobalt, nickel and lithium, were readily available in Nigeria.

“German companies can come in under the Renewed Hope Agenda that has sanitised the environment, enhanced security with a new architecture around solid minerals, created tax incentives and waivers for important equipment and provided opportunities for joint ventures,” he said.

He said pre-feasibility studies had been concluded, urging German investors to look to Nigeria for diversification of the energy supply chain.

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Dr Jumoke Oduwole, Minister of Industry, Trade and Investment; and Mr Adebayo Adelabu, Minister of Power, also made presentations at the business meeting.

The business delegation from Germany and their Nigerian counterparts commended President Tinubu for his long-term vision for the economy.

They also praised his courageous steps in repositioning Nigeria for greater prosperity by making the economy more globally competitive with streamlined foreign exchange and improved ease of doing business. (NAN)