New Tax Regime Imminent As Senate Passes 2 Reform Bills

Nigeria is heading towards a new tax regime as the Senate yesterday passed two of the four tax reform bills proposed by President Bola Ahmed Tinubu, marking a significant milestone in the administration’s ongoing fiscal reform agenda.

The two bills passed are the Nigeria Revenue Service (Establishment) Bill 2025 and the Joint Revenue Board (Establishment) Bill 2025.

The Nigeria Revenue Service Bill seeks to repeal and replace the existing Federal Inland Revenue Service (Establishment) Act. At the same time, the Joint Revenue Board Bill aims to establish a coordinated body for tax administration across all levels of government.

Both bills were passed after a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.

LEADERSHIP recalls that President Tinubu transmitted the four tax reform bills to the National Assembly in October 2024, urging their swift consideration and passage as part of efforts to modernise Nigeria’s tax administration.

RELATED

Edo LG Polls: I’m Aspiring To Advance Good Governance In Ovia South-West — Omoruyi

6 hours ago

LASU Suspends Exam, Academic Activities

6 hours ago

Senate President Godswill Akpabio commended the passage of the two bills and expressed confidence that the reforms would significantly improve governance and overhaul the country’s tax system.

“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” Akpabio stated.

He further disclosed that the remaining two bills — the Nigeria Tax Bill 2024 and the Tax Administration Bill — would be considered and passed on Thursday.

“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” he said.

Akpabio also announced that the Senate would set up a harmonisation committee to reconcile its bills with those passed by the House of Representatives in March. Once harmonised, the final versions will be transmitted to President Tinubu for assent.