Philip Nyam 
…says Nigeria’s VAT collection, lowest in Africa
The Speaker of the House of Representatives, Tajudeen Abbas, has decried Nigeria’s efficiency in collecting Value Added Tax (VAT), saying “It is the lowest among its African peers, indicating significant inefficiencies in its tax system.”
The speaker stated this yesterday in Abuja, while delivering his keynote address at the opening of a two-day retreat for members of the House.
The legislative retreat on economic transformation and development was organised by the House in collaboration with the Federal Inland Revenue Service (FIRS) and the Konrad Adenauer-Stiftung Foundation (KAS).
The theme of the retreat is ‘Navigating Change: Legislative Strategies for Economic Transformation.’ Abbas noted that the House made a deliberate decision to focus on tax reforms and modernisation as well as a review of the implementation of the Petroleum Industry Reform Act (2021).
He said: “The overarching objective is to discuss and identify concrete legislative strategies for economic transformation.”
The speaker expressed his pleasure that the legislative retreat was taking place “at a point in our nation’s economic landscape when the current administration is diligently implementing policies and initiatives to steer our economy towards recovery, growth, and sustainable development.”
He, therefore, expressed the readiness of the 10th House to aid the economic policies and programmes of President Bola Ahmed Tinubu administration.
This, Abbas noted, includes engagement with stakeholders on laws governing finance, tax, and oil sub-sectors of the economy, with the aim of causing positive reforms.
He stated that the commitment and foresight shown by the government in addressing economic challenges “deserve commendation, and it is imperative that we, as legislators, align our efforts to support and enhance these endeavours.”
Abbas said: “As a critical arm of government, the legislature has a crucial role in shaping our nation’s economic transformation and development.
Part of our law-making powers is the authority to enact tax reforms and strengthen resource governance mechanisms.
“By designing and implementing progressive tax policies, we strive to ensure a fair and efficient tax system that boosts revenue while fostering economic growth and equity.
