Index to Nigerian Newspapers

The Nigeria Customs Service has expressed opposition to certain sections of the proposed Tax Reform Bills during a National Assembly public hearing, arguing that specific clauses conflict with the Customs Act of 2023 and that it is too early to repeal a law enacted less than two years ago. In response, the Senate Committee on Finance pledged to carefully review all stakeholder submissions during an upcoming retreat to craft a workable, nationally accepted law designed to support the administration's goal of achieving a one trillion dollar economy. Meanwhile, other key officials and lawmakers welcomed the broad public engagement, noting that the legislative process has successfully navigated regional divides and addressed initial concerns raised by state governors.

President Bola Ahmed Tinubu has requested the National Assembly to increase the  2025 national budget from 49.7 trillion naira to 54.2  trillion naira, funded by an additional 4.5 trillion naira in projected revenues from the Federal Inland Revenue Service, the Nigeria Customs Service, and other government agencies. The proposed expansion targets key priority sectors, allocating 1.5 trillion naira to critical infrastructure, 1.5 trillion naira to recapitalize the Bank of Agriculture, 500 billion naira for the Bank of Industry, and one trillion naira to develop the solid minerals sector. While public officials like Budget Minister Atiku Bagudu and Senate President Godswill Akpabio support the move to drive economic growth and diversification, economic analysts and business groups such as the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture have raised strong concerns regarding fiscal policy conflicts, widening budget deficits, inflation risks, and unreliable revenue projections. Concurrently, citizens and industry experts are expressing widespread frustration over broader economic hardships and rising living costs, particularly the adverse financial strain that proposed telecom tariff hikes put on low-income consumers and small businesses.

President Bola Tinubu transmitted four major executive fiscal policy and tax reform bills to the National Assembly, which were formally presented on the floor of the legislature by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas. Among these legislative proposals is a bill to repeal the existing tax establishment Act, No. 13, 2007  and rename the Federal Inland Revenue Service to the Nigeria Revenue Service, empowering it to assess, collect, and account for federal revenues. The other executive bills include the Nigeria Tax Bill to provide a consolidated fiscal tax framework, the Nigeria Tax Administration Bill to ensure fair and consistent tax law enforcement, and the Joint Revenue Board Establishment Bill, which creates a joint board alongside a tax appeal tribunal and tax ombudsman office to settle disputes, streamline compliance, and stimulate economic growth.