A recent emergency meeting of the South-South caucus of the Senate aimed to garner support for the Tax Bills, particularly focusing on the contentious VAT provisions. The senators expressed their backing for the tax reform bills, emphasizing their potential to boost national revenue and stabilize the economy.
Following the meeting, a communiqué was released, highlighting the senators’ commitment to thoroughly evaluating the Bills to ensure alignment with the nation’s interests, especially in the South-South region. They also emphasized the importance of avoiding regional or ethnic sentiments in the national dialogue.
Additionally, the caucus reaffirmed their support for the Senate President and the leadership of the National Assembly in advancing legislation for good governance and economic development. Despite some confusion surrounding the public hearing on the Tax Reform Bills, Senate leaders clarified that the bills were still under consideration and not withdrawn.
The Senate’s Finance Committee was directed to pause activities related to the bills temporarily, pending the resolution of certain issues. An ad-hoc committee was formed to engage with stakeholders and address concerns while the Finance Committee prepares for public hearings. The Senate assured the public of its commitment to transparent and inclusive legislative processes.
Meanwhile, in the House of Representatives, discussions continued on the tax bills transmitted by the President. While there were differing opinions on the bills, efforts were being made to address concerns and garner support. Lawmakers highlighted the need for dialogue and consensus-building to ensure the bills’ passage for the benefit of all Nigerians.
Overall, the focus remained on constructive engagement, consultations, and addressing grey areas in the tax reform bills to promote national development and equitable taxation.