BREAKING: Senate Passes Tinubu’s Tax Reform Bills For Second Reading

The Senate has passed four tax reform bills for second reading during Thursday’s plenary session. Following the approval, Senate President Godswill Akpabio referred the bills to the Finance Committee, chaired by Senator Sani Musa (APC, Niger East), for further legislative work and a report back within six weeks.

Before deliberating on the bills, the Senate held a closed-door session from 11:55 a.m. to 12:42 p.m. The decision to advance the bills followed a lead debate presented by Senate Leader Opeyemi Bamidele (APC, Ekiti Central), who outlined their objectives:

In his presentation, Bamidele said that they are “A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, for the harmonization, coordination and settlement of disputes arising from revenue administration in Nigeria and for related matters, 2024 (SB. 583).

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“A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and enact the Nigeria Revenue Service (Establishment) Act to Establish the Nigeria Revenue Service, charged with powers of assessment, collection of, and accounting for revenue accruable to the Government of the Federation, and for related matters, 2024 (SB. 584)

“A Bill for an Act to Provide for the assessment, collection of, and accounting for revenue accruing to the Federation, Federal, States and Local Governments; prescribe the powers and functions of tax authorities, and for related matters, 2024 (SB. 585) –

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“A Bill for an Act to Repeal certain Acts on taxation and consolidate the legal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions and instruments, and for related matters, 2024 (SB. 586).

In his remarks, Senate President Akpabio emphasized the importance of stakeholder engagement during public hearings. He announced plans to invite experts, governors under the Nigeria Governors Forum (NGF), traditional rulers, and other stakeholders to ensure a thorough and inclusive review. Akpabio assured that the final outcome would prioritize the country’s best interests.

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