Senate debates bills to establish council on economic diversification, commission for tax crimes

Two bills to establish the Nigerian Council on Economic Diversification and National Tax Crimes Commission, have passed second reading at the Senate.

While the former titled Nigerian Economic Diversification Bill, 2022 was sponsored by the Deputy Whip, Senator Aliyu Sabi Abdullahi of Niger North, the latter emerged from Senator Urji Uzor Kalu of Abia North.

During plenary on Wednesday, Senator Aliyu Sabi stressed that Nigeria’s economic fortunes were tied to oil, which accounted for more than half of the country’s revenue.

He said: “Nigeria’s crude oil fell by 41.60 percent in the first quarter of 2021 to $6.48 billion from $11.1 billion in the first quarter of 2020.

“Despite various loans, reforms and policies, million of Nigerians remain impoverished. Diversification helps to mitigate volatility and provides a more sustainable path for equitable growth and development.

“It is more crucial now given the slower global economy and the pressing need in many developing nations to boost revenue”, he added.

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In a similar development, the bill sponsored by Urji Uzor Kalu was meant to provide legal framework to ensure that violations of tax laws are included as criminal offences and effective sanctions applied accordingly.

After adequate consideration, the bill was referred by the Senate President to the Committee on Finance to report back to the house in four weeks.

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