The House of Representatives Committee on Finance concluded its public hearing on the proposed Tax Reform Bills, with stakeholders emphasizing the need for a fair tax system that supports economic growth.
Former NBA President Yakubu Maikyau urged lawmakers to ensure the bills improve citizens’ welfare. Customs CG Adewale Adeniyi raised concerns over Free Trade Zone operators violating trade laws, while FIRS Chairman Zach Adedeji and Tax Reform Committee Chair Taiwo Oyedele praised the hearing for allowing public input.
Several groups expressed objections. The Congress of University Academics opposed a VAT increase and instead advocated for a broader tax base. The Nigerian Investment Promotion Council sought authority to recommend tax incentive amendments. The Association of Bureaux De Change Operators of Nigeria warned that extra taxes and higher capital requirements for BDCs could force many businesses to shut down.
Committee Chairman James Faleke assured that stakeholder recommendations would be considered before finalizing the bill for House debate and harmonization with the Senate.
