The National Assembly is on the verge of passing the long-awaited harmonised tax reform bills, with a final decision expected by Tuesday, following the successful resolution of all contentious provisions.
This legislative milestone marks a significant step in the Federal Government’s plan to modernise Nigeria’s tax system and align it with international standards.
Hon. James Faleke, Chairman of the House Committee on Finance, disclosed this development on Sunday via his official X (formerly Twitter) account. Faleke revealed that the review process by the joint Conference Committee, comprising members from both the Senate and the House of Representatives, had been completed after extensive deliberations.
"The Conference Committee set up by the House and the Senate on the Tax Reform Bills has successfully concluded its work," he announced. “The joint committees thoroughly reviewed all sections and addressed the grey areas across the four bills. Each clause was examined strategically, and all contentious issues were resolved.”
Faleke, who led the House delegation for the harmonisation process, praised the commitment and diligence of committee members, noting that discussions extended late into the night over several days. The deliberations reportedly continued through Thursday night, throughout Friday, and concluded in the early hours of Saturday.
With the committee’s work concluded, the tax reform bills are now ready to be presented to both legislative chambers for final passage before being sent to President Bola Ahmed Tinubu for assent.
Faleke also used the opportunity to commend the contributions of both chambers, particularly the Senate Conference Committee led by Senator Sani Musa, Chairman of the Senate Committee on Finance.
“I want to especially appreciate the Senate Conference Committee, ably led by the Distinguished Senator Sani Musa. I also extend my heartfelt gratitude to my colleagues on the House Conference Committee, whom I had the honour to lead, for their unwavering dedication to the Nigerian people,” he said.
The tax reform initiative, spearheaded by the Tinubu administration, seeks to overhaul Nigeria’s outdated tax structure. The reforms aim to increase transparency, broaden the tax base, improve revenue generation, and support national development initiatives.
Senate President Godswill Akpabio, during an earlier plenary, praised the efforts of lawmakers in pushing through critical tax reforms that will bring Nigeria’s tax regime closer to global best practices.
“These four executive bills seek to transform and modernise the tax system in Nigeria,” Akpabio stated after a majority voice vote in favour of the bills.
Senator Sani Musa, who chaired the ad hoc committee overseeing the tax bills, explained that the reforms would not only enhance revenue collection but also fund key national priorities. He noted that parts of the tax revenues would be earmarked to support national defence infrastructure, cybersecurity efforts, education through TETFund, and the welfare of military personnel involved in national peacekeeping.
Furthermore, the reform package includes the establishment of a tax ombudsman to mediate disputes and ensure fairness in tax administration. It also proposes the creation of a dedicated tax tribunal to handle grievances more efficiently.
Senator Musa elaborated on the reform’s scope, touching on several tax categories, including Value Added Tax (VAT), development levies, and inheritance tax which had previously been struck out but were revisited during the harmonisation process. He expressed optimism that the reform would yield visible improvements for Nigerians.
“I am confident that Nigerians will benefit significantly from these reforms,” he said. “We also commend President Tinubu for providing a level playing field throughout the legislative process.”
Once passed and signed into law, the harmonised tax bills are expected to lay the foundation for a more equitable, transparent, and development-focused tax system in Nigeria.
Post a Comment