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The anticipated Tax Reform Bill aims to modernize Nigeria’s tax system, including the taxation of cryptocurrency and online businesses, according to Senator Sani Musa, Chairman of the Senate Committee on Finance.
He made this revelation on Monday in Abuja during an ongoing public hearing on the bill.
Senator Musa emphasized that Nigeria’s tax laws, which date back to 1959 before the country’s independence are outdated. “We must update our laws to align with current realities, especially as technology now dominates the global economy,” he stated.
Speaking to journalists, he explained the necessity of expanding tax laws to cover digital assets and e-commerce. “We need to ensure that technology-driven sectors, from cryptocurrency to online businesses, are properly taxed,” he said.
He further noted that the public hearing demonstrated widespread support for tax reforms. “Today’s session has shown that Nigerians are willing and ready to embrace change. This reform isn’t just about taxation; it’s about ensuring the economic prosperity of our country.
“When Mr. President, His Excellency Ahmed Bola Tinubu GCFR, introduced this bill last year, he emphasized the need for dialogue, continuous consultations, and addressing all concerns. That’s exactly what we have done. We’ve engaged with numerous government agencies, organizations, and NGOs, all of whom have contributed their perspectives.
“The hearing was largely seamless, with no major opposition or controversy. Instead, stakeholders focused on reviewing specific clauses and suggesting amendments, particularly concerning economic policies.
“We must align with international best practices in tax administration. Additionally, we need to review some of our outdated laws to ensure they remain relevant in today’s economic landscape,” Senator Musa, added.
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