Just In: Reps Hold Closed-Door Session On Tinubu’s Tax Reform Bills

The House of Representatives is currently in a closed-door session deliberating on the four Tax Reform Bills proposed by President Bola Tinubu.

The bills, transmitted to the National Assembly on September 3, 2024, follow the recommendations of the Taiwo Oyedele-led Tax Reforms Committee and aim to revamp Nigeria’s tax framework.

The bills include the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

Others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service; and the Joint Revenue Board Establishment Bill which will create a tax tribunal and a tax ombudsman.

A lawmaker of the All Progressives Congress told Punch on condition of anonymity that the meeting is expected to douse tension ahead of the debate.

“Not everyone is convinced yet about the bills, but there is a feeling that the intent of the Federal Government is the well-being of the economy. This meeting is to drum support for the bills,” the lawmaker said.

The Tinubu administration has emphasized the importance of these reforms to streamline Nigeria’s tax system, improve compliance, and increase government revenue.