Abuja, Nigeria – Speaker of the House of Representatives, Tajudeen Abbas, has assured Nigerians, particularly the youth, that their concerns and contributions will be considered in the ongoing review of the Tax Reform Bills before their passage into law.
The assurance came in response to a call by the Chairman of the House Committee on Youths in Parliament, Hon. Ayodeji Olamijuwonlo Alao-Akala (APC, Oyo), who emphasized the need for tax law reforms to address evolving fiscal policy challenges.
Speaking at the National Assembly in Abuja through the Chairman of the House Committee on Customs and Excise, Hon. Leke Abejide (ADC, Kogi), Abbas described the Bills as a strategic step towards economic growth and national progress. He noted that the proposed reforms would enhance Nigeria’s economic viability and promote technological independence.
Alao-Akala underscored the significance of the reforms, particularly for young Nigerians engaged in micro, small, and medium enterprises (MSMEs). He stressed that ensuring fair and supportive tax policies would encourage entrepreneurship, economic stability, and financial independence among young professionals and business owners. According to him, most low-income earners in Nigeria are young people struggling to establish businesses, secure housing, and attain financial progress.
While commending the government’s commitment to tax reform, a coalition of youth groups raised concerns over the proposed increase in Value Added Tax (VAT), warning of its potential impact on affordability and the cost of living. The Alumni Association of the Legislative Mentorship Initiative, however, expressed confidence that if the reforms were effectively implemented, they could reshape Nigeria’s economic landscape and create a more inclusive financial framework.
Abubakar Tijani, who spoke on behalf of three youth organizations, described the Bills as a vital blueprint for economic transformation. He highlighted the potential benefits, including reductions in company income tax, exemptions for small businesses, relief for low-income earners, and VAT adjustments aimed at boosting government revenue. While acknowledging the need for increased fiscal resources, he emphasized that any tax increases must be balanced with measures that support business growth and consumer affordability.
Tijani stressed the importance of striking a balance between the benefits and challenges of the reforms, ensuring they foster inclusive development, economic expansion, and job creation. He urged lawmakers to prioritize policies that empower young Nigerians, as their economic well-being is central to the country’s progress.
With deliberations ongoing, stakeholders continue to advocate for a tax system that promotes growth while safeguarding the interests of Nigeria’s youth and entrepreneurs.
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