President Tinubu seeks National Assembly’s approval for 4 crucial tax bills

Nigeria’s President, Bola Tinubu, has urged the National Assembly to expedite the passage of four key tax-related bills aimed at reforming the country’s tax system.

In a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during Thursday’s plenary session, the president outlined the importance of these bills in advancing his administration’s fiscal reforms.

The four proposed bills include:

1. Nigeria Tax Bill 2024: This bill is designed to establish a fiscal framework for tax policies in Nigeria, providing clarity and structure for tax regulations moving forward.

2. Tax Administration Bill: Aimed at streamlining the country’s tax administration, this bill will offer a clear and concise legal framework for managing taxes across Nigeria, reducing disputes and ensuring smoother operations within the tax system.

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3. Nigeria Revenue Service Establishment Bill: This bill proposes the repeal of the Federal Inland Revenue Service (FIRS) Act, replacing it with a newly formed Nigeria Revenue Service, which will take over the responsibilities of the FIRS and enhance efficiency in tax collection.

4. Joint Revenue Board Establishment Bill: The creation of this board will introduce a tax tribunal and a tax ombudsman, providing an independent avenue for addressing tax disputes and ensuring taxpayer fairness.

President Tinubu emphasized that the passage of these bills is crucial for strengthening Nigeria’s fiscal institutions, ensuring improved revenue collection, and fostering national development.

These reforms align with the administration’s broader goals of economic stability and institutional growth.

The National Assembly is expected to begin deliberations on these bills, which could have a significant impact on Nigeria’s tax system and overall economic outlook.