The National Assembly is poised to pass the harmonised tax reform bills as early as Tuesday, following the successful conclusion of a joint review by the House and Senate conference committees. The committees resolved all outstanding issues, paving the way for final legislative approval.
Chairman of the House Committee on Finance, Hon. James Faleke, announced the development via his official X account, stating that the joint committees had meticulously examined each clause of the four bills, addressing contentious areas through intensive deliberations that extended into the early hours of Saturday.
The four executive tax reform bills aim to modernize Nigeria’s tax system, enhance revenue generation, and align with international standards. Key provisions include the establishment of a centralized Nigeria Revenue Service, adjustments to the Value Added Tax (VAT) distribution formula, and the introduction of a 4% development levy to fund critical sectors such as education, cybersecurity, and defense.
Senator Sani Musa, Chairman of the Senate Committee on Finance, emphasized the importance of these reforms in strengthening Nigeria’s fiscal framework and ensuring equitable tax administration.
Once passed by both chambers, the harmonised bills will be transmitted to President Bola Tinubu for assent, marking a significant milestone in the country’s economic reform agenda.
