By Tony Obiechina Abuja
Senator Ned Nwoko on Wednesday said that the four new tax reform bills presently before the National Assembly would provide a stronger safety net for Nigerians.
Nwoko, who represents Delta North Senatorial District and a member of the Senate Committee on Constitutional Amendment as well as Finance, stated this during an interview in Abuja.
He said this was particularly so, if the presidency adopted his proposed model for National Social Security Agency.
According to him, Nigeria’s tax system has long been due for reform, and the four bills currently before the National Assembly, offers us a critical opportunity to address the deep-rooted fiscal challenges we face.
“Nigeria, with one of the lowest tax-to-GDP ratios in the world, our revenue framework is not fit to support a population of more than 220 million people.
“Importantly, this overhaul can also provide a stronger social safety net, particularly if the presidency adopts my proposed model for a National Social Security Agency.
“I proposed contributions from taxes and the private sector as part of sustainable funding mechanisms for the Agency.
“However, for this promise to be realised, we must pair reform with strong accountability mechanisms and a commitment to effective implementation.
“This is not just about raising taxes; it’s about making them work better for everyone. Nigeria cannot afford to keep postponing these tough but necessary decisions.”
The lawmaker also said that it was not taxation that was the problem, but how the revenues were utilised for the benefit of the people mattered, adding that the concerns raised in opposition were not unique to Nigeria.
“Countries that have successfully implemented tax reforms, faced initial challenges but ultimately created systems that are fairer.
“The principle of progressive taxation is central to the success of these reforms, which is protecting small businesses and low-income earners while ensuring that those with higher incomes contribute proportionately,” he said.
The Senate on Nov. 28, passed for second reading, the tax reform bills forwarded to it by President Bola Tinubu in October 2024.
The bill was thereafter referred to the Committee on Finance, which was asked to revert in not more than six weeks.
The President also on Tuesday, directed the Ministry of Justice to work closely with the National Assembly to address the concerns within and outside the legislature.
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