On Thursday, March 13, the House of Representatives took a crucial step towards passing the four tax reform bills proposed by President Bola Ahmed Tinubu on October 8, 2024. After considering and approving the report from the House Committee on Finance, the bills are now set to be read for a third time before being passed.
The four bills— the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill— address key areas of Nigeria’s taxation and revenue collection.
Despite initial delays due to disagreements, particularly concerning the Nigeria Tax Administration Bill, Chairman of the House Committee on Finance, James Abiodun Faleke, assured that all contentious issues have been resolved.
These bills aim to streamline Nigeria’s tax systems, including the establishment of the Nigeria Revenue Service and the Joint Revenue Board, among other measures to harmonize revenue administration and resolve disputes.