Senate passes remaining tax reform bills

• Published On: 10 May 2025 at 07:16

The Senate passed the remaining tax reform legislation on Thursday, after reviewing the Nigeria Tax Administration Bill and the Nigeria Tax Bill paragraph by clause.

This comes after two significant tax reform legislation were passed the day before: the Nigeria Revenue Service (Establishment) Bill, 2025, and the Nigeria Tax Administration Bill, 2025.

The Red Chamber also eliminated problematic parts from the two laws and established a conference committee to discuss discrepancies between the Senate's version and the one passed by the House.

Senate President Godswill Akpabio complimented the lawmakers for their commitment to ensure Nigeria's tax system meets international standards.

Senator Sani Musa, Chairman of the Senate Committee on Finance, told journalists following the plenary that his committee had worked hard to ensure that Nigeria's taxation system met international standards.

He stated, "What we did was review the tax bills and take appropriate action. President Tinubu introduced tax reform bills to see how his administration could promote economic development. We had a public hearing and a retreat in which 76 organisations were present.

"Religious leaders and other key players were also present. We also agreed that the Nigerian Revenue Service would need at least six directors.

According to Musa, the senators asked the president to select a chairperson and set up an ombudsman to mediate and resolve tax problems.

He emphasised the urgent necessity for a tax tribunal, noting that its significance cannot be understated.

"This isn't a court of record. We investigated the issues of VAT, tax collection, development levy, and erased inheritance tax. I believe Nigerians will gain something positive from this. We also thank the president for ensuring a level playing field for all', he said.

He stated the conference committee would reconcile the revisions passed by both chambers of the National Assembly.

The Senate conference committee is made up of Abba Moro, Abdulaziz Yari, Enyinnaya Abaribe, Yahaya Abdullahi, Sani Musa, Adetokunbo Abiru, Joel-Thomas Onowakpo, Asuquo Ekpenyong, Jim Kuta, Gbenga Daniel, Osita Izunaso, Solomon Adeola, Adams Oshiomhole, Babangida Uba, and Mohammed Monguno.

Meanwhile, President Bola Tinubu urged the Senate on Thursday to screen and approve his nominations for the boards of the South-West Development Commission (SWDC), North-Central Development Commission (NCDC), and South-South Development Commission (SSDC).

President Tinubu's request was communicated through a letter delivered by Senate President Godswill Akpabio during Thursday's plenary session.

The South-West, North-Central, and South-South Development Commissions were established to accelerate infrastructure development, increase economic activity, and improve social welfare in their respective geopolitical zones. The National Assembly will provide legislative supervision for each panel.

Tinubu claimed that his proposal for nomination approval is in line with the regional development commissions' constitutional obligations.

He offered 18 candidates, with former Ekiti State Senator Olubunmi Adetunbi serving as Chairman and Charles Akinola as Managing Director.

After receiving the president's request, the Senate President forwarded it to the proper committees for screening and confirmation.