By Christiana Ekpa
The Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen, Ph.D, has decried that Nigeria’s efficiency in collecting Value Added Tax (VAT) “is the lowest among its African peers, indicating significant inefficiencies in its tax system.”
He, therefore, expressed the readiness of the 10th House to aid the economic policies and programmes of President Bola Ahmed Tinubu administration.
This, Speaker Abbas noted, includes engagement with stakeholders on laws governing finance, tax, and oil sub-sectors of the economy, with the aim of causing positive reforms.
The Speaker stated this on Tuesday in Abuja while delivering his keynote address at the opening of a two-day retreat for members of the House.
The legislative retreat on economic transformation and development was organised by the House in collaboration with the Federal Inland Revenue Service (FIRS) and the Konrad Adenauer-Stiftung Foundation (KAS).
The theme of the retreat is ‘Navigating Change: Legislative Strategies for Economic Transformation.’
Speaker Abbas noted that the House made a deliberate decision to focus on tax reforms and modernisation as well as a review of the implementation of the Petroleum Industry Reform Act (2021). “The overarching objective is to discuss and identify concrete legislative strategies for economic transformation,” he said.
The Speaker expressed his pleasure that the legislative retreat was taking place “at a point in our nation’s economic landscape when the current administration is diligently implementing policies and initiatives to steer our economy towards recovery, growth, and sustainable development.”
He stated that the commitment and foresight shown by the government in addressing economic challenges “deserve commendation, and it is imperative that we, as legislators, align our efforts to support and enhance these endeavours.”
Speaker Abbas said: “As a critical arm of government, the legislature has a crucial role in shaping our nation’s economic transformation and development. Part of our law-making powers is the authority to enact tax reforms and strengthen resource governance mechanisms. By designing and implementing progressive tax policies, we strive to ensure a fair and efficient tax system that boosts revenue while fostering economic growth and equity. This involves not only broadening the tax base and simplifying tax codes but also enhancing compliance and minimising loopholes that benefit only the wealthy.
“Furthermore, the legislature’s oversight function is central in the governance of natural and financial resources. It ensures transparency and accountability in the exploitation and management of resources, which is essential for sustainable development. By holding government and private sectors accountable, the legislature helps prevent the mismanagement and corruption that can often undermine economic progress.”
He added that the retreat aimed to foster stakeholders’ engagement, ensure constructive dialogue, exchange ideas and offer insights on legislative strategies that will contribute to the economic transformation of our country.
