Speaker of the House of Representatives, Abbas Tajudeen, has highlighted that Nigeria has the lowest efficiency in collecting Value Added Tax (VAT) compared to its African counterparts, pointing to substantial inefficiencies in its tax system.
Consequently, he affirmed the 10th House’s commitment to supporting the economic policies and programs of President Bola Ahmed Tinubu’s administration. This includes collaborating with stakeholders on legislation related to finance, tax, and the oil sub-sectors to drive positive reforms.
He made these remarks in Abuja during his keynote address at the start of a two-day retreat for members of the House.
The retreat, focused on economic transformation and development, was organized by the House in partnership with the Federal Inland Revenue Service (FIRS) and the Konrad Adenauer-Stiftung Foundation (KAS).
Speaker Abbas also mentioned that the House has intentionally chosen to concentrate on tax reforms and modernization, as well as reviewing the implementation of the Petroleum Industry Reform Act (2021).
“The overarching objective is to discuss and identify concrete legislative strategies for economic transformation,” he said.
The speaker expressed 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.”