The Senate is expected to approve the tax reform bills submitted by President Bola Tinubu to the National Assembly today (Tuesday).
Two senior senators, who spoke anonymously as they were not authorized to comment publicly, confirmed the development.
“This should have been concluded last week, but the Rivers State emergency issue caused a delay,” one of the sources explained. “However, the four bills will be approved tomorrow.”
Efforts to reach the Chairman of the Senate Committee on Media and Publicity, Senator Yemi Adaramodu, for confirmation were unsuccessful, as he neither answered calls nor responded to messages.
The expected Senate approval comes just two weeks after the House of Representatives passed the same four tax reform bills. These include:
Nigerian Tax Bill
Tax Administration Bill
Revenue Tax Board Bill
Nigerian Revenue Service Establishment Bill
The bills underwent a clause-by-clause review in the Committee of the Whole, with key amendments such as maintaining the Value Added Tax (VAT) rate at 7.5% and extending income tax exemptions to certain agricultural businesses and military officers.
Two weeks ago, the Senate held a two-day public hearing, bringing together key economic and financial stakeholders to discuss and refine the proposed reforms. Attendees included:
Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Chairman of the Federal Inland Revenue Service, Zacch Adedeji
NNPC Group CEO, Mele Kyari
Comptroller General of Customs, Adewale Adeniyi
Other government officials and industry leaders
With the Senate’s expected approval, the bills will be sent to President Tinubu for assent, completing the legislative process.