The Senate has announced plans to conduct an open debate on President Bola Tinubu’s tax reform bills, allowing Nigerians to contribute their input. According to Senator Yemi Adaramodu, Chairman of the Senate Committee on Media and Publicity, “Let Nigerians wait, we are going to conduct an open debate about it. We will call public hearing in the National Assembly, and everybody is free to come there to present his or her own view.”
Adaramodu emphasized that the tax reform bills are designed to exclude low-income earners from paying taxes and prevent double or multiple taxation. “I don’t see anything retrogressive in the tax reform bills,” he said.
The senator’s comments come amidst criticisms of the tax reform bills, which were forwarded to the National Assembly by the Presidency. However, Adaramodu noted that many of those criticizing the bills have not seen them and are acting based on the assumption that any tax reform is burdensome.
President Tinubu has urged the Senate to give the bills expeditious consideration, stating that they align with his government’s objectives to foster a more effective tax regime. The proposed tax reform bills include an increment in Value Added Tax (VAT) from 7.5 percent to 10 percent by 2025, with further increases to 12.5 percent from 2026 to 2029, and 15 percent from 2030 onwards.
Adaramodu explained that the VAT increase is based on consumption, and areas with high population and consumption will generate more VAT. “Then it is believed, and it is equitable and fair that those people that pay more of VAT should enjoy more,” he said.
The senator emphasized that the tax reform bill is designed to encourage productivity. “When it is time to conduct a public hearing, people should come there and showcase their own ideas, feelings and contributions so that when we aggregate all these, that is what the National Assembly will be putting into our final position on the tax reform bill,” he said.
The Ilawe Unity Day celebration, where Adaramodu spoke, was also attended by the Alawe of Ilawe Ekiti, Oba Adebanji Alabi. The monarch expressed joy over the successful celebration and developments in the kingdom since he ascended to the throne.
Oba Alabi thanked Ekiti State Governor, Mr. Biodun Oyebanji, for his vision in making the community’s roads motorable. “For example, the governor made Ilawe to Erinjiyan, Ilawe to Igede, Ilawe to Ado-Ekiti motorable. The tarring of Ilawe to Ikere Road is ongoing. We are grateful for these,” he said.
The community also conferred chieftaincy titles on several individuals, including Senator Orji Kalu and Otunba Rasaq Adesanya.
The event was a celebration of unity and development in the community, and the discussion on the tax reform bills was a key part of the proceedings.
