Echoes of the Tax Reform Bills reverberated during the recent youth town hall interactive session on the 2025 budget convened by the House of Representatives.
The Speaker of the House, Tajudeen Abbas, who led the panel, fielded questions from the audience on the economy, security, education, health, youths, and people living with disabilities, among others.
He disclosed that 11 per cent of the bills sponsored by members of the House in 2024 dwelt on infrastructure.
Acknowledging the challenges associated with fixing the infrastructural deficit in the polity, he stressed the need for the government to shore up its revenue.
Though there was no mention of the Tax Reform Bills, observers believe that the Speaker, who decried the appalling level of revenue earnings during the 2024 budget presentation by President Bola Ahmed Tinubu, was calling for a rethink on the bills’ consideration kept in abeyance as a result of reservations expressed by critical stakeholders, which include the Northern Governors’ Forum (NGF) .
“For us to expand our infrastructure, we need to expand our revenue base. That is the number one area where we must work. Unless we have enough revenue, we cannot be able to build our infrastructure the way we want,” he stated.
The Speaker had described the budgetary estimates of N49.7 trillion as really ambitious and commendable, noting that the projections of 4.6 per cent GDP growth, a crude oil price of $75 per barrel, an exchange rate of N1,400 to the dollar, and oil production of 2.06 million barrels per day are bold but achievable.
However, he remarked that Nigeria’s fiscal realities warrant critical reflection since the 2024 national budget of $36.7 billion remains modest compared to countries like South Africa with a budget of $160 billion for its 60 million citizens; Egypt with $110 billion for 110 million people; Algeria, with $60 billion for 45 million people; and Morocco with $50 billion for its 37 million residents.
