Alongside the foreign loans, lawmakers also approved the issuance of a ₦757.98 billion bond in the domestic market to clear outstanding pension arrears owed under the Contributory Pension Scheme. This measure, officials say, is designed to provide relief to retirees and reduce exposure to foreign debt risk.

The legislative session, however, was not without disagreement. Some senators voiced concerns about the nation’s growing debt burden, with Senator Abdul Ningi of Bauchi Central warning about the lack of a transparent repayment plan. He cautioned that future generations could be saddled with unsustainable obligations.

Supporters of the proposal, including Finance Committee Chairman Sani Musa and Senator Adetokunbo Abiru, defended the initiative. They argued that the loans were structured to finance growth-enhancing sectors and were essential for Nigeria’s long-term economic stability.

The Senate also gave the green light to a separate request to raise $2 billion through a Foreign Currency-Denominated Instrument Local Issuance Programme, which would allow the Debt Management Office (DMO) to tap into dollar liquidity within the country without placing additional strain on external reserves.

This borrowing framework comes as Nigeria’s total public debt exceeds ₦121 trillion, with external obligations above $43 billion. According to fiscal analysts, more than 90% of the country’s revenue is now channeled into servicing debt, prompting broader calls for fiscal caution and better transparency.

Meanwhile, in a related development, Senate President Godswill Akpabio used the session to address growing speculation about new state creation. He urged Nigerians to dismiss circulating reports suggesting that the Constitution Review Committee had approved the formation of additional states, clarifying that such proposals had not passed through the necessary legislative stages.

In a separate announcement, the Senate also revealed plans to hold a special plenary session in honor of former President Muhammadu Buhari, who recently passed away. Lawmakers are expected to reflect on his years of service and legacy during the event.

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He made this statement during a public hearing on the Tax Reform Bills. Akpabio argued that despite low tax compliance, citizens continue to demand improved infrastructure and public services.

His remarks have drawn strong criticism from major labour unions and economic stakeholders.

Labour Unions Dispute Akpabio’s Claims

The Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Nigeria Employers’ Consultative Association (NECA) have all rejected Akpabio’s assertion. They blame government inefficiency and lack of transparency for the country’s tax challenges.

Dr. Tommy Okon, Deputy President of TUC, dismissed Akpabio’s statistics, questioning the accuracy of his data. He pointed out that if tax compliance were truly low, the Federal Inland Revenue Service (FIRS) would not consistently exceed its revenue targets.

Okon emphasized that workers do not evade taxes because deductions are made directly from their salaries. Instead, he argued, wealthy individuals exploit loopholes to avoid taxation.

NECA Blames Government for Tax Avoidance

Adewale-Smatt Oyerinde, Director-General of NECA, also weighed in on the issue. He acknowledged that tax compliance in Nigeria is low but placed the blame on the government.

He argued that Nigerians see little benefit from their taxes, making them reluctant to comply. According to him, without proper accountability and transparency, tax reforms will not change public perception.

Tax Reform Bills Under Scrutiny

The Tax Reform Bills, sent by President Bola Tinubu to the Senate and House of Representatives on October 3, 2024, have fueled intense debates on Nigeria’s fiscal policies.

The proposed laws include:

• Nigeria Tax Bill (NTB) 2024
• Nigeria Tax Administration Bill (NTAB) 2024
• Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
• Joint Revenue Board (Establishment) Bill (JRBEB) 2024

Senator Sani Musa, Chairman of the Senate Committee on Finance, revealed that Tinubu urged lawmakers to create “workable laws” that will boost economic growth and improve fiscal stability.

Economic Stakeholders Support Tax Reforms

Despite opposition from labour unions, some economic bodies have expressed support for the tax reforms.

Organizations backing the bills include:

• Nigerian National Petroleum Company Limited (NNPCL)
• Revenue Mobilisation and Fiscal Allocation Commission (RMFAC)
• National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)
• Institute of Chartered Accountants of Nigeria (ICAN)

Mele Kyari, Group CEO of NNPCL, described the reforms as a “game-changer” for the oil and gas industry. He believes the new laws will simplify Nigeria’s tax system.

Similarly, Dr. Mohammed Shehu, Chairman of RMFAC, called for fair revenue distribution among states. He emphasized that tax revenues should benefit the regions that generate them.

Akpabio Defends Tax Reforms

Akpabio has responded to the criticism, addressing social media misinformation about the bills. He urged Nigerians to engage with the legislative process instead of forming opinions based on online debates.

He also pointed out the inequitable tax distribution in Nigeria. Using an example, he explained that if a brewery operates in Ogun State but has its headquarters in Lagos, the tax revenue is collected in Lagos. This, he argued, creates an unfair system where host states receive little benefit.

The Tax Reform Debate Continues

As discussions over tax compliance, revenue distribution, and government accountability continue, Nigeria finds itself at a critical crossroads.

Labour unions, businesses, and lawmakers all seek a tax system that aligns with their interests. Whether these reforms will bring real economic change or remain another contested policy remains to be seen.

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Speaking in Lagos during his investiture as a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), he emphasized the sector’s crucial role in stabilizing the economy, boosting investor confidence, and addressing the country’s housing shortfall. In a statement released by his special assistant, Jackson Udom, he commended estate surveyors and valuers for their behind-the-scenes work in shaping Nigeria’s economic landscape, ensuring that land and property investments remain secure and viable.

He pointed out that without the expertise of real estate professionals, businesses would struggle to invest, and homeownership for millions of Nigerians would remain an unattainable dream. As global economies increasingly rely on real estate-backed financial stability, he urged Nigeria to reposition its property and housing sectors as vital engines for growth.

Akpabio assured stakeholders of legislative support for policies aimed at making housing more affordable, ensuring a corruption-free land administration system, attracting both local and foreign investments into the real estate sector, and promoting urban planning that fosters economic expansion. He stressed that real estate should not merely be seen as private wealth but as a critical economic asset for national development.

With Nigeria grappling with an estimated 28 million housing deficit, he called for stronger collaboration between the government, private sector, and real estate professionals to create lasting solutions. He emphasized that housing must be treated as a fundamental right rather than a privilege, advocating for frameworks that enable all Nigerians, regardless of income level, to achieve homeownership without undue financial hardship.

https://africahousingshow.com/benefits/

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Senate President Godswill Akpabio emphasized the need for a thorough investigation before taking decisive actions against the organization.

“If USAID funds Boko Haram, Nigeria must revoke its operational rights after confirming the allegations through detailed investigation,” Akpabio stated.

The allegations originated from U.S. Congressman Perry Scott, claiming USAID supported terrorist groups operating within Nigeria’s borders.

In response, the Senate summoned top security chiefs, including the NSA, NIA DG, DIA Chief, and DSS Director.

Senator Mohammed Ndume, representing Borno South, stressed a comprehensive probe to understand Boko Haram’s sustained operational capabilities.

Ndume highlighted that terrorist activities have severely impacted Nigeria, necessitating urgent attention and deep security sector collaboration.

Senator Abdul Ningi proposed a closed-door session with security chiefs before any public deliberations on the sensitive matter.

“We must prioritize a private briefing with intelligence agencies to ensure informed discussions and avoid public misinformation,” Ningi said.

Akpabio supported Ningi’s proposal, citing national security’s sensitivity, requiring confidential discussions before further Senate deliberations.

The Senate scheduled a closed-door session with intelligence agencies to gather detailed information regarding the serious allegations.

After the session, the Senate will determine appropriate actions based on facts provided by national security authorities.

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