Senate passes 2 of Tinubu’s 4 tax reform bills

The Nigerian Senate has approved two out of four tax reform bills proposed by President Bola Ahmed Tinubu, marking a significant step in the administration’s fiscal policy overhaul.

The bills passed are the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill.

These were adopted on Wednesday following the presentation of a report by an ad hoc committee led by Senator Sani Musa, who represents Niger East.

The committee was set up to resolve disputes and controversies surrounding the proposed reforms.

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During Wednesday’s plenary, each clause of the bills were debated and considered at the Committee of the Whole.

The Senate President, Godswill Akpabio, announced the passage of the bills after a majority of the senators supported them through voice vote.

He also commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.

“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.

He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.

“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.

The upper chamber also rejected a proposal to increase the Value-Added Tax to 10 percent, opting to retain the current rate at 7.5 percent.

Two bills that the senate has scheduled for consideration and passage on Thursday are the Nigeria tax administration bill and the Nigeria tax bill.

The four tax reform bills were transmitted to the National assembly in October 2024.

The four bills have already been passed by the House of Representatives.