The tax reform bills submitted by President Bola Tinubu to the National Assembly have been approved by the House of Representatives on Thursday.
The bills are the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigeria Revenue Service Establishment Bill.
This was followed by a clause-by-clause review of all pertinent revisions to the measures in the Committee of the Whole.
Some of the revisions include keeping the Value Added Tax rate at 7.5 percent rather than increasing it gradually, as well as extending income tax exemptions to particular agricultural firms and military officers.
With the acceptance of the report on the tax bills, the House of Representatives is trying to pass the tax measures next week.
Speaking after the House studied and accepted the report on the four tax reform bills, Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), noted that Nigerians’ concerns had been addressed in the documents.
The politician told Nigerians that the tax reform bill would result in generally approved laws.
“These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause.
“I am glad that House members recognised our thorough work and approved all our recommendations,” Faleke said.
He thanked fellow lawmakers and Nigerians who worked on the bills, assuring them that the resulting legislation would be acceptable to everyone.
Faleke also thanked the House leadership for appointing his committee to handle the tax bills and present them for consideration.
He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 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“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.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) stated that no issue in the 10th Assembly has sparked as much controversy as the tax reform bills.
He thanked Tajudeen Abbas, the Speaker, for promoting stakeholder consensus and guaranteeing broad participation in the legislative process.
Abdullahi stated that representatives from all geopolitical zones and regional thought leaders were present, allaying public anxieties.
“The committee’s recommendations reflect the contributions of various stakeholders.
“These were never seen as perfect documents. The Executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version,” he added.
Additionally, Ikenga Ugochinyere (PDP-Imo) described the process as transparent, with consultants and the Executive making changes to reflect public interest.
“In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue.
“This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage,” Ugochinyere said.
In his reaction, Benson Babajimi (APC-Lagos) stated all stakeholders issues, including inheritance tax, derivation, and VAT, were thoroughly weighed.
“This is a great day for Nigeria. The necessary reforms have been approved by the House, and we now await Senate concurrence,” he said.
