The National Assembly has assured Nigerians that the Tax Reform Bills sent by President Bola Tinubu in October 2023 will be approved. These bills are aimed at qreshaping Nigeria’s tax system to boost the economy, support small businesses, and create a better environment for investment.
The Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, gave their commitment during the presentation of the 2025 budget by President Tinubu to a joint session of the National Assembly.
Senate President Akpabio commended Tinubu’s tax reform initiative, describing it as a monumental step in Nigeria’s fiscal history. He noted that this marks the first comprehensive tax reform since independence. The reforms are expected to increase government revenue and make Nigeria more competitive on the global stage.
He urged Nigerians to understand the bills instead of criticizing them without proper knowledge. “We will not reject these reforms but will work with Nigerians to show them the benefits,” he said.
The four Tax Reform Bills include:
- Joint Revenue Board of Nigeria (Establishment) Bill, 2024
- Nigeria Revenue Service (Establishment) Bill, 2024
- Nigeria Tax Administration Bill, 2024
- Nigeria Tax Bill, 2024
Speaker Abbas also emphasized the legislature’s commitment to supporting the president’s reform agenda. He assured Tinubu that the National Assembly would work diligently to pass these reforms into law.
In addition to the tax reform, both chambers of the National Assembly are working to extend the capital component of the 2024 budget until June 30, 2025. This step is already underway, with related bills passing their first and second readings in the Senate.
These efforts reflect the government’s determination to implement long-term fiscal reforms and improve Nigeria’s economy for the benefit of its citizens.
