The Nigerian Senate has dismissed reports suggesting that the proposed Tax Reform Bill has been suspended or withdrawn. Senate President Godswill Akpabio reaffirmed the chamber’s independence and its commitment to protecting Nigerians’ interests while deliberating on the contentious bills.
Akpabio’s remarks followed a point of order raised by Senate Leader Opeyemi Bamidele, who expressed displeasure with media reports alleging the withdrawal of the bills. He clarified that the reservations raised during debates necessitated the formation of an ad-hoc committee to address identified concerns.
Senator Bamidele emphasized the strategic nature of the committee, saying that it compose of members from all geopolitical zones to ensure fairness. He urged patience from the public, assuring that every decision taken is aimed at improving the lives of Nigerians.
In response, Senator Akpabio declared that the Senate would not be intimidated over the tax reform bills, reiterating that legislative actions on the proposed laws would proceed in the public’s best interest.
The Senate also announced changes to the committee engaging with the federal government on the bills. Tahir Monguno, the Senate Chief Whip, was replaced by Senator Kaka Shehu of Borno Central to align with the consensus reached during a closed-door session last week. He explained that principal officers should not serve on the committee, adhering to the decisions made before the bills passed the second reading.
Similarly , the Senate passed the Investments and Securities (Repeal and Enactment) Bill 2024 for its third reading. The bill, once signed into law, will empower the Securities and Exchange Commission (SEC) as the apex regulatory authority for Nigeria’s capital market.
The passage followed the consideration and adoption of recommendations by the Senate Committee on Capital Market, chaired by Senator Osita Izunaso. The committee underscored the bill’s potential to diversify and grow the capital market, laying the foundation for economic expansion and job creation.
Senator Izunaso explained that the reforms would introduce innovative market offerings, spurring economic growth.
