• About us
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, September 28, 2025
  • Login
NewsPeg Magazine logo
  • Home
  • News
    • World
    • Business
    • Politics
  • Technology
  • Entertainment
    • Sports
  • Lifestyle
    • Health
No Result
View All Result
  • Home
  • News
    • World
    • Business
    • Politics
  • Technology
  • Entertainment
    • Sports
  • Lifestyle
    • Health
No Result
View All Result
NewsPeg Magazine logo
No Result
View All Result
Home Issues

Fiscal Responsibility Commission Backs Tax Reform Bill, Calls for Enhanced Fiscal Sustainability

Admin by Admin
February 26, 2025
in Issues
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on Whatsapp

By Bede Ogueri Anyanwu

The Fiscal Responsibility Commission (FRC) has expressed its full support for the proposed Tax Reform Bill currently undergoing a public hearing at the House of Representatives. Speaking at the session, the Executive Chairman of FRC, Victor Muruako, Esq., emphasized that the objectives of the bill align closely with the provisions of the Fiscal Responsibility Act, 2007, which was enacted to promote prudent financial management, ensure macroeconomic stability, and enhance transparency in fiscal policy.

According to Muruako, the proposed tax reforms are necessary to strengthen Nigeria’s economic framework and uphold the nation’s fiscal responsibility principles. He highlighted the critical need for diversified revenue sources, reduced dependence on volatile oil markets, and improved fiscal transparency to prevent excessive and unsustainable government spending.

“A simplified and more predictable tax system, combined with targeted incentives, will encourage investment, stimulate economic growth, and create jobs, thereby reinforcing the nation’s fiscal position,” he stated.

Key Recommendations by the FRC

The Fiscal Responsibility Commission urged lawmakers to incorporate several key measures into the tax reforms, including:

Modernization and Harmonization of Tax Operations: Streamlining the tax administration system to enhance efficiency and reduce bureaucratic bottlenecks.

Support for Small-Scale Businesses: Creating tax incentives and frameworks that encourage the growth of Micro, Small, and Medium Enterprises (MSMEs).

Equity and Fairness in Taxation: Ensuring a balanced tax system that does not disproportionately burden any segment of the economy.

Enhanced Compliance and Enforcement: Strengthening mechanisms to curb tax evasion and improve revenue collection.

Adjustment of Revenue Allocation: Reviewing fiscal allocations to ensure fair distribution of resources across federal, state, and local governments.

The FRC reiterated that if these reforms are successfully passed, Nigeria will benefit from a more efficient, equitable, and growth-oriented tax system, fostering a business-friendly environment while increasing government revenue for developmental projects.

Legislative Support for the Tax Reform Bill

The public hearing saw the participation of key lawmakers, including Rt. Hon. Dr. James Faleke, Chairman of the House Committee on Finance, who delivered the welcome address. The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, OON, delivered the keynote address, underscoring the importance of a reformed tax system in ensuring Nigeria’s long-term economic stability.

With strong backing from the Fiscal Responsibility Commission and other stakeholders, the proposed tax reforms are expected to be a significant step toward fiscal sustainability, economic diversification, and improved governance in Nigeria.

 Projects.

Legislative Support for the Tax Reform Bill

The public hearing saw the participation of key lawmakers, including Rt. Hon. Dr. James Faleke, Chairman of the House Committee on Finance, who delivered the welcome address. The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, OON, delivered the keynote address, underscoring the importance of a reformed tax system in ensuring Nigeria’s long-term economic stability.

With strong backing from the Fiscal Responsibility Commission and other stakeholders, the proposed tax reforms are expected to be a significant step toward fiscal sustainability, economic diversification, and improved governance in Nigeria.

Bede Ogueri Anyanwu is the  Head, Strategic Communications Directorate, FRC 

ShareTweetSend
Previous Post

Director Mahmud Bello Leaves EFCC with a Legacy of Excellence

Next Post

CAS Flags off First Quarter Strategic Meeting, Emphasizes Unity in Addressing Security Concerns

Admin

Admin

Related Posts

CISLAC, Population Matters drum support for inclusive population policies, targeted community actions
Issues

CISLAC, Population Matters drum support for inclusive population policies, targeted community actions

September 27, 2025
Global Climate Action Day: Nigerians Join Millions Worldwide to ‘Draw the Line’ in Abuja
Issues

Global Climate Action Day: Nigerians Join Millions Worldwide to ‘Draw the Line’ in Abuja

September 20, 2025
Relief Operations Continue in Potiskum as Floodwaters Recede and Assessments Deepen
Issues

Relief Operations Continue in Potiskum as Floodwaters Recede and Assessments Deepen

August 17, 2025
Next Post

CAS Flags off First Quarter Strategic Meeting, Emphasizes Unity in Addressing Security Concerns

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Choice

ARCN Boss Congratulates Senator Ladoja as 44th Olubadan of Ibadanland, Urges Support for Tinubu’s Reforms

ARCN Boss Congratulates Senator Ladoja as 44th Olubadan of Ibadanland, Urges Support for Tinubu’s Reforms

September 27, 2025
NYSC DG Advocates Tailored Training as PSIN Seeks Collaboration with Scheme

NYSC DG Advocates Tailored Training as PSIN Seeks Collaboration with Scheme

September 27, 2025
  • Trending
  • Comments
  • Latest
Imo Monarch Raises Alarm as 22-Year-Old Abandoned Road Threatens to Cut Off Okwuohia Community

Imo Monarch Raises Alarm as 22-Year-Old Abandoned Road Threatens to Cut Off Okwuohia Community

August 26, 2025
FG Rescues 11 Nigerian Miners Stranded in Central African Republic, Brings Them Home Safely

FG Rescues 11 Nigerian Miners Stranded in Central African Republic, Brings Them Home Safely

August 15, 2025
NIMC Trains Corps Members for Nationwide NIN Ward Enrollment Initiative

NIMC Trains Corps Members for Nationwide NIN Ward Enrollment Initiative

June 24, 2025

NAVY CAPTAIN A. MNGUVE UNVEILS THREE INSPIRATIONAL BOOKS IN LITERARY TRIUMPH

May 7, 2025

MEDIA FOUNDATION SEEKS UPGRADED DIGITAL INFRASTRUCTURE IN NIGERIA

4

Easter/Eid-el-Fitr: FRSC Records Massive Reduction in Road Crashes.

2
GSAI TRAINS JOURNALISTS TO INTENSIFY ENGAGEMENTS REVOLVING AROUND INVOLVEMENT OF WOMEN IN POLITICS AND GOVERNANCE

GSAI TRAINS JOURNALISTS TO INTENSIFY ENGAGEMENTS REVOLVING AROUND INVOLVEMENT OF WOMEN IN POLITICS AND GOVERNANCE

2

IDENTIFYING BARRIERS TO WOMEN’S POOR REMUNERATIONS, IT’S EFFECTS ON HOUSEHOLD.  LACK OF INCLUSIVE LABOUR LAWS?

2
ARCN Boss Congratulates Senator Ladoja as 44th Olubadan of Ibadanland, Urges Support for Tinubu’s Reforms

ARCN Boss Congratulates Senator Ladoja as 44th Olubadan of Ibadanland, Urges Support for Tinubu’s Reforms

September 27, 2025
NYSC DG Advocates Tailored Training as PSIN Seeks Collaboration with Scheme

NYSC DG Advocates Tailored Training as PSIN Seeks Collaboration with Scheme

September 27, 2025
NYSC DG Applauds Tinubu as Scheme Receives 40-Seater CNG Bus from Pi-CNG, NNPCL

NYSC DG Applauds Tinubu as Scheme Receives 40-Seater CNG Bus from Pi-CNG, NNPCL

September 27, 2025
Former PDP Chairman Emmanuel Anyanwu Emerges as ADC Chairman in Obowo, Promises Unity and Progress

Former PDP Chairman Emmanuel Anyanwu Emerges as ADC Chairman in Obowo, Promises Unity and Progress

September 27, 2025
NewsPeg Magazine

Newspeg is a General interest Magazine conceived by Nigerian Media practitioners of like minds across ethnic and geo-political divides of the country, for the purpose of creating uniqueness in Magazine reporting in Nigeria and repositioning the country for the needed growth.

Follow Us

  • About us
  • Advertise
  • Privacy & Policy
  • Contact

© 2024 Newspeg magazine - powered by Vecrit.

No Result
View All Result
  • Home
  • News
    • Business
    • World
  • Technology
  • Entertainment
  • Lifestyle
  • Editorial
  • Columns
  • More

© 2024 Newspeg magazine - powered by Vecrit.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In