The Senate is on the verge of approving President Bola Tinubu’s tax reform bills, with a vote expected today (Tuesday), Hobnob News has learned. This legislative move, aimed at reshaping Nigeria’s fiscal landscape, follows the House of Representatives’ approval of the same bills two weeks prior.
Sources within the Senate, speaking on condition of anonymity, confirmed the impending vote, attributing the slight delay to the recent emergency situation in Rivers State. “This should have been done last week had the Rivers State of emergency issue not come up,” one source explained. “But certainly, the four bills will be approved tomorrow.”
Attempts to obtain official confirmation from Senator Yemi Adaramodu, Chairman of the Senate Committee on Media and Publicity, were unsuccessful at the time of reporting.
The tax reform package comprises four key bills: the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. These bills have undergone extensive scrutiny, including a two-day public hearing that convened key stakeholders from Nigeria’s economic and financial sectors.
The public hearing witnessed participation from prominent figures, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chairman of the Federal Inland Revenue Service, Zacch Adedeji; and Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari.
Notable amendments to the bills include the retention of the Value Added Tax (VAT) rate at 7.5%, rather than implementing a staggered increase, and the expansion of income tax exemptions to specific agricultural businesses and military officers.
The House of Representatives’ prior approval of the bills, coupled with the Senate’s imminent concurrence, paves the way for the legislation to be forwarded to President Tinubu for his signature, marking a significant step in the administration’s economic reform agenda. Hobnob News will provide updates as the Senate vote progresses.
