President Bola Tinubu has submitted four Fiscal Policy and Tax Reform Bills to the Senate, seeking to provide a consolidated framework for taxation and optimize revenue collection in Nigeria.
In a letter read by Senate President Godswill Akpabio, Tinubu emphasized that the proposed bills aim to create a more efficient administration of tax laws in the country.
Akpabio said, “The bills would provide a clearer and more concise framework for the efficient administration of all tax laws.”
Among the key proposals is the Nigeria Revenue Service Establishment Bill, which aims to replace the Federal Inland Revenue Service Bill No. 13 of 2007. This bill seeks to establish the Nigeria Revenue Service, tasked with accessing, collecting, and accounting for revenue accrued to the federation.
Additionally, Tinubu transmitted the Joint Revenue Board Establishment Bill, which will establish a Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman. The purpose of these bodies will be to harmonize and coordinate tax administration while settling disputes related to revenue.
President Tinubu noted the alignment of the proposed tax bills with his government’s broader fiscal reform agenda.
He said, “The proposed tax bill presents substantial benefits to align with my government’s objectives, fiscal reforms, and economic growth by enhancing taxpayer compliance, strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.”
Tinubu expressed confidence that once passed, the bills will have a positive impact on the economy.
“I am confident that the bill, when passed, will encourage investment, boost consumer spending, and stimulate Nigeria’s economy,” the president added.
The Senate has referred the bills to the Senate Committee on Finance, which is expected to report back in three weeks.