Tax bills: Reps panel submits public hearing report
By Gloria Essien, Abuja
The House of Representatives Committee on Finance has submitted its report on the public hearing conducted on four tax bills transmitted to the National Assembly in October 2024 by President Bola Tinubu.
The bills include:
- Finance Bill, 2024
- National Health Insurance Bill, 2024
- National Lottery Bill, 2024
- National Lottery Regulatory Commission Bill, 2024
The public hearing, held on March 5, 2025, aimed to gather input from stakeholders and experts in the field of taxation and health insurance. The committee received submissions from various organizations, including the Nigerian Medical Association, the National Lottery Regulatory Commission, and the Federal Inland Revenue Service.
Key highlights of the public hearing included:
- Discussions on the impact of the proposed tax reforms on businesses and individuals
- Recommendations for improving the efficiency of the National Health Insurance Scheme
- Concerns raised about the potential burden of new taxes on low
- income earners
- Suggestions for enhancing the regulatory framework for lottery operations in Nigeria
The committee's report will be presented to the House of Representatives for further consideration and debate. The proposed tax reforms are expected to generate additional revenue for the government and improve the overall efficiency of the tax system.
However, there are concerns about the potential impact of these reforms on businesses and individuals, particularly in light of the current economic challenges facing the country.
The committee has urged the government to consider the feedback received during the public hearing and to ensure that any new tax measures are implemented in a fair and equitable manner.
As the National Assembly continues its deliberations on the proposed tax reforms, stakeholders are closely monitoring developments and advocating for a balanced approach that promotes economic growth while ensuring adequate funding for essential services.
The outcome of these discussions will have significant implications for the future of taxation and health insurance in Nigeria.
The House of Representatives Committee on Finance has submitted its report on the public hearing conducted on four tax bills transmitted to the National Assembly in October 2024 by President Bola Tinubu.
The bills include:
- Finance Bill, 2024
- National Health Insurance Bill, 2024
- National Lottery Bill, 2024
- National Lottery Regulatory Commission Bill, 2024
The public hearing, held on March 5, 2025, aimed to gather input from stakeholders and experts in the field of taxation and health insurance. The committee received submissions from various organizations, including the Nigerian Medical Association, the National Lottery Regulatory Commission, and the Federal Inland Revenue Service.
Key highlights of the public hearing included:
- Discussions on the impact of the proposed tax reforms on businesses and individuals
- Recommendations for improving the efficiency of the National Health Insurance Scheme
- Concerns raised about the potential burden of new taxes on low
- income earners
- Suggestions for enhancing the regulatory framework for lottery operations in Nigeria
The committee's report will be presented to the House of Representatives for further consideration and debate. The proposed tax reforms are expected to generate additional revenue for the government and improve the overall efficiency of the tax system.
However, there are concerns about the potential impact of these reforms on businesses and individuals, particularly in light of the current economic challenges facing the country.
The committee has urged the government to consider the feedback received during the public hearing and to ensure that any new tax measures are implemented in a fair and equitable manner.
As the National Assembly continues its deliberations on the proposed tax reforms, stakeholders are closely monitoring developments and advocating for a balanced approach that promotes economic growth while ensuring adequate funding for essential services.
The outcome of these discussions will have significant implications for the future of taxation and health insurance in Nigeria.
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