President Bola Tinubu has submitted four tax reform bills to the National Assembly for consideration, as part of his administration’s efforts to overhaul Nigeria’s fiscal policies.
Though currently on vacation in London, the president transmitted the bills via a letter addressed to Speaker of the House Abbas Tajudeen. The letter was read during Thursday’s plenary session. Senate President Godswill Akpabio also read the president’s letter in the upper chamber, referring the bills to the Senate Committee on Finance with a directive to report back within three weeks.
The proposed bills include the Nigeria Tax Bill 2024, which aims to provide a comprehensive fiscal framework for taxation in the country, and the Tax Administration Bill, designed to establish a clear legal framework for all taxes and reduce disputes.
Also included are the Nigeria Revenue Service Establishment Bill, which would replace the Federal Inland Revenue Service with a new body, and the Joint Revenue Board Establishment Bill, intended to create a tax tribunal and tax ombudsman to streamline dispute resolution.
President Tinubu stated that these bills align with his administration’s objectives to strengthen Nigeria’s fiscal institutions, enhance taxpayer compliance, and promote a transparent fiscal regime. “The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth,” he said.
These reforms were first highlighted during Tinubu’s Independence Day broadcast, following the creation of the Taiwo Oyedele Fiscal Policy and Tax Reform Committee, tasked with improving revenue collection, ensuring transparency, and fostering a healthy tax culture.
REPORTERS: GRACE IKE, ADBN NEWS.
