The National Assembly has expressed its resolved that the Tax Reform Bills currently before it forwarded by President Bola Tinubu in October this year would see the light of day after careful scrutiny. The lawmakers insisted that rather than extinguishing the well thought-out bills of this kind, it would rather tore the stress of engaging Nigerians to see reasons that will change their minds and allow the bill to scale through.
Recall president Tinubu had in October transmitted a Tax Reform Bills to the lawmakers seeking to streamline the Joint Revenue Board of Nigeria, Establishment Bill, 2024; Nigeria Revenue Service, Establishment Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024
Consequently, President of the Senate, Godswill Akpabio and the Speaker, House of Representatives, Tajudeen Abbas gave assurance today in separate remarks, during the 2025 budget presentation session by President Bola Tinubu that they will try their best to ensure the bill see the light of the day.
Akpabio in his opening remarks at the budget presentation said: “Your Excellency, we commend you on your groundbreaking tax reform initiative.
“The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024, represent a monumental shift in our fiscal landscape.
“It is disheartening that those who have not taken the time to understand these bills are the loudest critics.
“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.
“We will not kill any reform that you have forwarded to us for consideration Mr President but rather engage Nigerians to see the merits in them.”
Similarly, the Speaker, in his closing remarks, reiterated the National Assembly determination to work in abreast with Mr President in giving his reform agenda the required legislative backing.
“NASS is fully committed to supporting the 2025 budget which had just been laid before us today and as well as other ones, forwarded to us for consideration and passage,” Abbas said.
Meanwhile, both chambers of the National Assembly shortly after the budget presentation at the joint session have concurrently extend the capital component of the 2024 budget to June 30, 2025.
Legislative activity has kick-started in that direction through listing bills for that purpose on their Order Paper, which passed the first and second reading in the Senate on Wednesday.
