The House of Representatives on Thursday approved the tax reform bills forwarded by President Bola Tinubu to the National Assembly.
The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
This followed clause by clause consideration of all relevant amendments on the bills at the Committee of the Whole.
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Some of the amendments include retention of the Value Added Tax rate at the current 7.5 percent as opposed to a staggered increase, and extension of income tax exemptions to specific agricultural businesses and military officers.
With the adoption of the report on the tax bills, the House of Representatives is working towards eventual passage of the tax bills next week.
Speaking after the House considered and adopted the report on the four tax reform bills, the Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), had stated that concerns of Nigerians have been taken care off in the documents.
The lawmaker assured Nigerians that the tax reform bills will produce widely acceptable laws.
“These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause.
“I am glad that House members recognised our thorough work and approved all our recommendations,” Faleke said.
He thanked fellow lawmakers and Nigerians who engaged with the bills, assuring them that the resulting laws will be acceptable to all.
Faleke also thanked the House leadership for entrusting his committee with processing the tax bills and presenting them for consideration.
He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 1959.
“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.
Deputy Committee Chairman, Saidu Abdullahi (APC-Niger), said no bill in the 10th Assembly had generated as much debate as the tax reform bills.
He praised the Speaker, Tajudeen Abbas, for fostering consensus among stakeholders, ensuring broad-based input into the legislative process.
Abdullahi highlighted that representatives from all geopolitical zones and regional thought leaders were involved, easing public concerns.
“The committee’s recommendations reflect the contributions of various stakeholders.
“These were never seen as perfect documents. The Executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version,” he added.
Also, Ikenga Ugochinyere (PDP-Imo) described the process as transparent, with consultants and the Executive making adjustments to reflect public interest.
“In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue.
“This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage,” Ugochinyere said.
In his reaction, Benson Babajimi (APC-Lagos) said all stakeholders concerns, including inheritance tax, derivation, and VAT, were carefully considered.
“This is a great day for Nigeria. The necessary reforms have been approved by the House, and we now await Senate concurrence,” he said.
