In a significant legislative move, the House of Representatives adopted the report on four crucial tax reform bills during its session in Abuja on Thursday. This important development now awaits the concurrence of the Senate.
The adopted tax reform bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. These reforms are aimed at modernizing Nigeria’s tax system to better meet the country’s evolving economic needs.
James Abiodun Faleke, the chairman of the House of Representatives Committee on Finance, emphasized the thorough process that led to the adoption of these bills. “These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterwards, we held an eight-day retreat to debate each clause,” he stated. Faleke expressed confidence that the tax reform bills would produce widely acceptable laws, reflecting the collective effort of lawmakers and stakeholders.
“I am glad that House members recognized our thorough work and approved all our recommendations,” he added, thanking his colleagues and the House leadership for their trust in his committee’s work.
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Faleke also commended President Bola Tinubu for prioritizing tax law reforms, noting that many existing tax laws date back to 1959. “We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.
Deputy Committee Chairman Saidu Abdullahi (APC-Niger) highlighted the extensive debate surrounding the tax reform bills, noting that no bill in the 10th Assembly had generated as much discussion. He praised Speaker Tajudeen Abbas for fostering stakeholder consensus and ensuring broad-based input into the legislative process. “The committee’s recommendations reflect the contributions of various stakeholders,” Abdullahi said.
Ikeagwuonu Ugochinyere (PDP-Imo) described the legislative process as transparent, with adjustments made to reflect public interest. “Despite being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue,” he noted. Ugochinyere added that the reform would enhance tax collection efficiency while protecting small businesses.
Benson Babajimi (APC-Lagos) pointed out that all stakeholder concerns, including inheritance tax, derivation, and VAT, were carefully considered in the discussions. “This is a great day for Nigeria. The House has approved the necessary reforms, and we now await Senate concurrence,” he said.
The adoption of these tax reform bills marks a pivotal step toward modernizing Nigeria’s tax framework, with hopes that the Senate will swiftly concur to advance these vital reforms.
