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He also promised that every effort would be made by the National Assembly to ensure that the tax reform bill was passed.
Akpabio blamed the controversies surrounding the introduction of the four tax bills—the Nigeria Revenue Board of Nigeria (Establishment) Bill, 2024; the Nigeria Revenue Service (Establishment) Bill, 2024; the Nigeria Tax Administration Bill, 2024; and the Nigeria Tax Bill, 2024—on critics who had not yet read the bills. Akpabio called the bills a “groundbreaking initiative” to reposition the nation’s finances.
When Tinubu presented the 2025 budget estimates to a joint session of the Senate and the House of Representatives on Wednesday, Akpabio was in attendance at the National Assembly.
“The loudest critics of these bills are those who have not taken the time to understand them, which is disheartening,” he said. I implore every Nigerian, particularly those holding public office, to carefully consider these important reforms.
“This program represents the first extensive tax reform since Nigeria gained its independence, offering a game-changing chance to revitalize small and medium-sized businesses and improve the standard of living for average Nigerians.
“These reforms will transform our tax system to support sustainable development, improve Nigeria’s revenue profile, and create a more favorable and globally competitive business environment.”
The Senate President urged support for the administration to have a bigger impact on Nigerians, pointing out that it had made impressive strides in just 18 months since taking office.
“Nigerians are taking notice of your remarkable achievements,” Akpabio said, listing the areas of success. “You have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, launched the Compressed Natural Gas initiative, and increased oil production to 1.8 million barrels per day.”
In addition to signing the National Minimum Wage Law, processing more than 45.6 billion Naira in student payments, and raising the national minimum wage to N70,000 per month, your administration has also given the 36 states more than N570 billion in financial support.
Notably, your infrastructure revival has cleared the path for numerous roads, such as the Coastal Road and important thoroughfares in Abuja Capital City and other regions of our beloved nation.
“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth.”
Akpabio also cited other significant actions taken by Tinubu in a daring attempt to turn the nation around from the wasteful past, such as the elimination of fuel subsidies and initiatives to combat insecurity and raise Nigeria’s standing internationally.
He added, “Under your administration, we have witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth.
“The courageous decision to remove fuel subsidies, though challenging, showcases your unwavering commitment to redirecting resources to critical sectors such as education and healthcare.
“Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.
“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time.
“We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror.
“Today, no community is under the threat of terrorism, a monumental achievement we celebrate together.
“The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination.
“Your dedication to fostering international relations paves the way for fruitful partnerships that will propel our nation forward.
“We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians traveling to other countries, and at the same time welcome investors and tourists alike to our country.
“Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.”
While pledging that the Legislature would do its bit by thoroughly processing the budget, Akpabio asked ministers and agency heads to respond promptly to invitations for appearance and defend their proposals.
He warned that this time round, the National Assembly would not condone any acts of delay or deliberate neglect of invitations.
The Senate President said, “We commend your steadfast commitment to collaborate, cooperate, and work with the National Assembly to achieve your grand vision for Nigeria.
“However, let me take this opportunity to stress the importance of the Honourable Ministers and Heads of Extraministerial Departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.
“We have observed concerning behavior from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant Committees of the legislature.
“It is imperative they understand that we will not condone such breaches of the Constitution going forward.”
