(SINL NIGERIA) Chairman Senate committee on Finance, Senator Sani Musa (APC, Niger East) has said Nigeria’s Tax laws which date back to 1959, before the country’s Independence are outdated.
Consequently, the lawmaker has observed that Nigeria must update current tax laws to align with realities, saying technology now dominates global economy.
Senator Musa spoke on Monday at a two-day public hearing on proposed tax reform bills held in Abuja.
The gathering brought together key stakeholders from the nation’s economic and financial sectors.
The reforms he stated, are designed to ensure equity, fairness, and inclusivity while eliminating inefficiencies in existing tax policies.
“Nigeria’s tax laws, which date back to 1959 before the country’s independence are outdated.
“We must update our laws to align with current realities, especially as technology now dominates the global economy” he said.
Briefing newsmen shortly after the first session on Monday, he said “Today’s session has shown that Nigerians are willing and ready to embrace change. This reform isn’t just about taxation; it is about ensuring the economic prosperity of our country.
“When Mr. President, Ahmed Bola Tinubu introduced this bill last year, he emphasized the need for dialogue, continuous consultations, and addressing all concerns. That’s exactly what we have done. We have engaged with numerous government agencies, organizations, and NGOs, all of whom have contributed their perspectives.
“The hearing was largely seamless, with no major opposition or controversy. Instead, stakeholders focused on reviewing specific clauses and suggesting amendments, particularly concerning economic policies”.
He continued “We need to ensure that technology-driven sectors, from cryptocurrency to online businesses, are properly taxed”.
According to the lawmaker, “As journalists, you have witnessed the transparency of this process. The openness of the public hearing will continue tomorrow. The key takeaway is that Nigerians agreed on the need for tax reforms”.
He emphasized that Nigeria must align with international best practices in tax administration, pointing out that “we need to review some of our outdated laws to ensure they remain relevant”.
