The House of Representatives’ Finance Committee has introduced several tax reform bills aimed at overhauling Nigeria’s taxation system. According to committee insiders, the proposed legislation seeks to simplify tax collection, plug loopholes that facilitate evasion, and boost national revenue.
Key measures include a shift toward digital tax filing systems to modernize administration and cut bureaucratic delays. Lawmakers contend that these improvements will enhance transparency and accountability, thereby reducing corruption and creating a more efficient fiscal framework.
At a press briefing on Tuesday, the committee chairman emphasized the need to improve compliance among small and medium-sized enterprises (SMEs) that have long struggled under complex tax regulations. The bills also propose raising the tax exemption threshold, a move expected to ease the burden on low-income earners and stimulate business activity.
Critics, however, caution that a broader tax base might place additional pressure on middle-income taxpayers. Despite this, committee members remain confident that the long-term benefits—such as increased revenue and strengthened economic growth—will outweigh any short-term challenges.
The proposals are set to be debated by the full House in the coming weeks, where further amendments may be introduced. Lawmakers are optimistic that this comprehensive reform will pave the way for a more equitable and robust fiscal policy framework, ultimately contributing to sustainable economic development
