The Nigerian Senate has completed legislative work on four key tax reform bills proposed by President Bola Tinubu, passing the remaining two bills.
The Senate passed the Nigeria Tax Bill 2024 and the Joint Revenue Board Establishment Bill during plenary on Thursday.
With the passage of all four bills, the next step involves harmonization between the Senate and the House of Representatives through a conference committee, after which the unified versions will be sent to President Tinubu for signing into law.
The Senate began consideration of the comprehensive tax reform package on Wednesday, successfully passing two bills—the Nigeria Revenue Service Establishment Bill and the Tax Administration Bill.
During the committee of the whole, the bills were debated, revised, and ultimately adopted, with Senate President Godswill Akpabio formally announcing their passage.
Akpabio also confirmed that the Senate will set up a conference committee to harmonize the finalized versions with those approved by the House of Representatives, ensuring legislative consistency before transmitting them to President Tinubu for final approval.
The tax reform measures are designed to modernize Nigeria’s tax system, streamline revenue collection, and enhance administrative efficiency. They form a core component of the federal government’s economic strategy under the Renewed Hope initiative, aimed at improving fiscal sustainability and creating a more structured tax framework.
Senate President Godswill Akpabio hailed the legislative progress, emphasizing the critical role of the bills in strengthening governance and enhancing tax administration.
Instead, the upper chamber introduced a 4% development levy to sustain funding for these agencies, with distribution structured as follows:
Akpabio emphasized that these agencies play a vital role in human capital development and economic growth, warning that phasing out their funding could stifle advancements in education, technology, and national security.