Index to Nigerian Newspapers

During a public hearing opened by the Senate Committee on Finance in Abuja, President of the Senate Godswill Akpabio strongly defended the controversial tax reform bills introduced by President Bola Tinubu, asserting that they are crucial for shaping the nation's economic future and moving away from an unsustainable over-reliance on dwindling crude oil revenues since less than thirty percent of citizens currently pay taxes. Akpabio criticized opponents for criticizing the legislation without reading it and suspended other legislative oversights to prioritize the hearings, where key government officials, regulatory authorities, and key stakeholders largely expressed support while suggesting minor adjustments. Notably, the chairman of the Revenue Mobilisation Allocation and Fiscal Commission urged lawmakers to adopt the revised Value Added Tax sharing formula endorsed by the Nigeria Governors' Forum, which allocates fifty percent on equality, thirty percent on derivation, and twenty percent on population, while Senate Finance Committee Chairman Sani Musa assured the public that the president encouraged the legislature to craft a practical and equitable law that enhances government revenue without unfairly burdening any section of the country.