The Senate on Wednesday passed two of the four tax reform bills.
The lawmakers approved the bills after adopting recommendations from the Senate Committee on Finance, led by Senator Sani Musa.
The bills initiated by President Bola Tinubu are expected to reform Nigeria’s tax laws.
The four key bills are – the Joint Revenue Board (Establishment) Bill, 2025; the Nigeria Revenue Service (Establishment) Bill, 2025; the Nigeria Tax Administration Bill; and the Nigeria Tax Bill.
However, only the Bill to Repeal the Federal Inland Revenue Service Act and enact the Nigeria Revenue Service (Establishment) Bill, 2025, was approved.
The second approved bill is the Nigeria Tax Administration Bill.
This covers the assessment, collection, and accounting for revenue accruing to the federal, states, and local governments.
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It also prescribes the powers and functions of tax authorities and other related matters.
In his presentation, Sani said the bills aimed to reform Nigeria’s tax framework, strengthen institutions, and improve accountability and compliance.
The Deputy Senate President, Jibrin Barau, congratulated the Senate, the Finance Committee, and the Elders Committee for their leadership and wisdom in passing the bills.
The Senate President, Godswill Akpabio, announced that the remaining two bills would be considered in Thursday’s plenary.
He commended the Finance Committee and senators for their thorough work.
Akpabio also thanked the “elder senators” who addressed areas of contention through meetings and consultations.
The Senate president expressed optimism that the tax laws would revolutionise and optimise tax collection nationwide.
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