The National Assembly (NASS) has officially sent the tax reform bill to President Bola Tinubu, representing a significant milestone in the administration’s bold fiscal restructuring under the Renewed Hope initiative.
The Chairman of the Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, confirmed this update during a press conference at the National Assembly complex on Tuesday, revealing that the harmonisation efforts between the Senate and the House of Representatives have been finalised.
Naijaonpoint reports that the legislative package comprises the Joint Revenue Board (Establishment) Bill, the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill.
All four pieces of legislation aim to modernise tax collection, broaden the tax base, and enhance inter-governmental collaboration—key components of Tinubu’s economic reform agenda.
Initially submitted in November 2024, the bills were approved by both legislative chambers following months of discussions, amendments, and rigorous negotiations behind closed doors. Adaramodu clarified that the protracted legislative process was intentional and essential.
“Yes, the bill has now been transmitted. It is out of our hands and on its way to the executive,” Adaramodu stated on Tuesday.
“Tax bills like these require careful scrutiny. Legal departments in both chambers must ensure they align with existing laws before we send them to the Presidency. It’s not a matter of two or three days,” he said, detailing the stages involving joint committees, aggregators, and legal review teams.
“After harmonisation, the Clerk of the National Assembly prepares the final document. Only then can the Senate President and the Speaker sign off for transmission.”
Barely a week ago, the President of the Nigerian Senate, Godswill Akpabio, credited the eventual approval of the bills to “national interest, inclusive legislative engagement, and strategic leadership.”
One of the most contentious provisions was the initial proposal to allow tax-generating states to retain 60% of Value Added Tax (VAT) revenue—a clause that drew strong opposition, particularly from lawmakers in the North who feared it would economically sideline their region.
The Senate ultimately negotiated a middle ground, slashing the retention rate to 30% and replacing the politically sensitive term “derivation” with “place of consumption” to ensure consensus.
Naijaonpoint reports that the tax reform bills also faced stiff resistance from state governors and divisions within the National Assembly itself. But Akpabio commended the maturity shown by his colleagues and acknowledged the leadership of House Speaker Tajudeen Abbas for rallying younger lawmakers to support the reform.
“We must salute the courage of our governors who initially resisted but later accepted the revised framework in the spirit of national unity,” Akpabio said.
If signed into law, the tax reform bills will represent one of the most comprehensive overhauls of Nigeria’s fiscal policy architecture in decades, streamlining revenue administration, decentralising tax oversight, and plugging longstanding leakages in the system.