Kehinde Fajobi
The Senate has begun deliberations on the Tax Reform Bills submitted by President Bola Tinubu in October 2024.
Before the debate, senators held a closed-door session lasting about an hour. Upon resuming plenary, Senate Leader Opeyemi Bamidele (APC, Ekiti Central) led the discussions on the proposed legislation.
The four bills aim to overhaul the country’s tax system. The Nigeria Tax Bill 2024 seeks to establish a comprehensive fiscal framework for taxation, while the Tax Administration Bill will provide a unified legal structure for all taxes and minimise disputes.
Also under consideration is the Nigeria Revenue Service Establishment Bill, which will replace the Federal Inland Revenue Service Act and create the Nigeria Revenue Service.
The Joint Revenue Board Establishment Bill proposes setting up a tax tribunal and a tax ombudsman to address grievances and ensure fair taxation practices.
President Tinubu’s economic team, including Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms; Zacchaeus Adedeji, Chairman of the Federal Inland Revenue Service; and Tanimu Yakubu, Director-General of the Budget Office, joined the plenary to provide detailed explanations of the bills to lawmakers.