The Senate is set to approve President Bola Tinubu’s tax reform bills today, following weeks of deliberation.
Two senators, who spoke anonymously, confirmed that the bills would have been passed earlier if not for the Rivers State political crisis. “The approval was delayed, but it will certainly happen tomorrow,” one source stated.
The four bills Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill and Nigerian Revenue Service Establishment Bill were previously passed by the House of Representatives after a detailed review. Key amendments include maintaining the Value Added Tax (VAT) at 7.5% and extending tax exemptions to certain agricultural businesses and military personnel.
A two-day public hearing was held at the National Assembly, bringing together major stakeholders, including Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji, NNPC CEO Mele Kyari and Customs Comptroller General Adewale Adeniyi.
Once the Senate gives its approval, the bills will be sent to President Tinubu for final assent, marking a significant step in the government’s tax reform agenda.