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ABUJA – The House of Representatives is currently in a closed-door session to deliberate on a set of tax reform bills transmitted by President Bola Tinubu to the National Assembly in September.
The legislative discussion focuses on four key bills designed to revamp Nigeria’s taxation system. These bills, sent to the parliament on September 3, 2024, were formulated based on recommendations from the Presidential Tax Reform Committee led by Taiwo Oyedele.
Among the proposed legislations is the Nigeria Tax Bill 2024, which seeks to establish a comprehensive fiscal framework for taxation. This bill is expected to enhance revenue generation and streamline the country’s tax policy.
Among the proposed legislations are the Nigeria Revenue Service Establishment Bill, which seeks to repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, aimed at creating a Tax Tribunal and a Tax Ombudsman.
An insider disclosed that the meeting is expected to ease tensions and foster consensus ahead of the impending debate.
“While not everyone is fully convinced about the bills, there is a growing sense that the Federal Government’s intent is to prioritize the well-being of the economy. This meeting aims to rally support for the proposed legislation,” he stated.
