JUST IN: SENATE COMMENCES DEBATE ON TAX REFORM BILLS

November 28, 2024

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President Bola Tinubu sent the tax reform bills to the Senate in October 2024, and the Senate has begun debating them.

The MPs had already convened in a closed-door session for around an hour before the discussion.

The Senate Leader, Opeyemi Bamidele (APC, Ekiti Central), led the discussion of the bills when they returned from the executive session.

The four tax bills sent to the National Assembly include the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a legal framework for all taxes in the country and reduce disputes.

Other bills include the Joint Revenue Board Establishment Bill, which will establish a tax tribunal and a tax ombudsman, and the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and form the Nigeria Revenue Service.

The president’s economic team, headed by Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms; Zacchaeus Adedeji, the chairman of the Federal Inland Revenue Tax; and Tanimu Yakubu, the director-general of the Budget Office, were reportedly permitted entry into the plenary to provide the lawmakers with a detailed explanation of the bills.