Push for Balanced Reforms
South-East senators have convened to address concerns over the contentious Tax Reform Bill currently under deliberation in the Senate. The lawmakers emphasised the need for fair representation and the inclusion of provisions that cater to the interests of their region while advancing Nigeria’s fiscal policies.
Calls for Comprehensive Review
In a statement released after their meeting, the senators stressed the importance of a thorough evaluation of the bill to ensure it promotes economic stability and true federalism. They expressed concerns about the proposed Value Added Tax (VAT) increase and urged stakeholders to address regional disparities before finalising the legislation.
Commitment to Dialogue
The caucus urged stakeholders to avoid introducing ethnic or regional sentiments into the national dialogue. They called for restraint during discussions. Lawmakers actively prioritised fostering constructive debates on critical issues. Their commitment focused on promoting national unity through collaborative dialogue. They emphasised aligning efforts towards achieving sustainable economic development across Nigeria.
Support for Senate Leadership
South-East senators expressed confidence in Senate President Godswill Akpabio, praising his leadership in handling the bill’s complexities. They supported the Senate’s commitment to addressing concerns effectively. The lawmakers backed efforts to align the bill with Nigeria’s best interests. Their unified stance emphasised collaboration for national progress and economic reform.
Reform Goals Highlighted
The Tax Reform Bill simplifies Nigeria’s tax system by exempting businesses earning below ₦50 million and eliminating multiple taxation. It introduces progressive taxation to ensure higher contributions from the wealthy. These measures aim to create a fairer fiscal policy. The bill prioritises economic equity and enhanced revenue generation.
Next Steps in Legislative Process
Senate committees actively engage stakeholders to address concerns raised during consultations. The Finance Committee prepares to initiate public hearings soon. Lawmakers work towards finalising the bill through collaborative efforts. These steps ensure the bill’s effective passage in the coming weeks.
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