The Senate is set to pass the four tax reform bills submitted by President Bola Tinubu to the National Assembly today (Tuesday), sources have confirmed.
According to two senators who spoke on condition of anonymity, the bills were initially scheduled for approval last week but were delayed due to discussions surrounding the state of emergency in Rivers State.
“This should have been done last week had the Rivers State of emergency issue not come up,” one source explained. “But certainly, the four bills will be approved tomorrow.”
Efforts to reach the Chairman of the Senate Committee on Media and Publicity, Senator Yemi Adaramodu, for confirmation were unsuccessful, as he did not respond to calls or messages.
The pending legislation includes the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. These bills, which have already been passed by the House of Representatives, contain provisions such as maintaining the Value Added Tax (VAT) rate at 7.5% and extending income tax exemptions to certain agricultural businesses and military officers.
Two weeks ago, the Senate held a public hearing on the bills, attended by key stakeholders, including Minister of Finance Wale Edun, Federal Inland Revenue Service Chairman Zacch Adedeji, and NNPC Group CEO Mele Kyari.
With Senate approval expected today, the bills will be sent to President Tinubu for signing into law.