The Senate has taken a significant step towards reforming Nigeria’s tax system by passing four tax reform bills for second reading.

The bills, which were forwarded to the Senate by President Bola Tinubu, aim to provide a fiscal framework for taxation, establish a Nigeria Revenue Service, and create a tax tribunal and ombudsman.

According to Senator Godswill Akpabio, President of the Senate, the bills will be referred to the Committee on Finance, led by Senator Sani Musa, for further legislative action. The committee is expected to report back to the Senate within six weeks.

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Akpabio assured Nigerians that the Senate will prioritize their interest in the consideration of the bills. “We will do what is good for Nigeria, we will do what is good for Nigerians,” he said.
The passage of the bills for second reading follows a closed-door session by the Senators, during which they deliberated on the general principles of the bills. Senator Opeyemi Bamidele, Senate Leader, presented the lead debate on the bills, highlighting their key provisions.

The bills include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These bills are expected to provide a clear and concise legal framework for taxation in Nigeria, reduce disputes, and establish a Nigeria Revenue Service.
President Tinubu had transmitted the bills to the National Assembly for consideration on September 3, 2024. The bills were recommended by the Presidential Committee on Fiscal and Tax Reforms, headed by Taiwo Oyedele.
The passage of the bills for second reading is a significant step towards reforming Nigeria’s tax system. However, it is expected that the bills will undergo further scrutiny and debate before they are passed into law.