Senate Passes 2 Tax Reform Bills Into Law

The Senate, on Wednesday, passed two of the four tax reform bills proposed by President Bola Tinubu, marking a significant milestone in the administration’s ongoing fiscal reform agenda.

The two bills passed were 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, while 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 at 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.

Senate President Godswill Akpabio, while commending the passage of the two bills, 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 10pm,” he said.

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