The House of Representatives gave its approval on Thursday to the tax reform bills proposed by President Bola Tinubu, which are now one step closer to becoming law.

The set of bills includes the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.

This move followed a thorough clause-by-clause review of the bills, during which amendments were made to ensure they meet the needs of the Nigerian public.

Notable amendments include the decision to maintain the current 7.5 percent Value Added Tax rate, avoiding a staggered increase, and extending income tax exemptions to certain agricultural businesses and military personnel.

The adoption of the report on the tax reforms brings the House closer to the final passage of the bills, which is expected next week.

James Faleke, Chairman of the House Committee on Finance, assured Nigerians that their concerns had been taken into account throughout the process.

He highlighted the extensive consultations that took place, including three days of public hearings involving over 80 stakeholders and an eight-day retreat to discuss each clause in detail.

“We’ve worked hard to ensure that the tax reforms are widely acceptable,” Faleke said. “Our colleagues in the House have supported our efforts, and we are now one step closer to finalizing the reforms.”

Faleke also expressed gratitude to the House leadership for entrusting his committee with the responsibility of processing the bills, and praised President Tinubu for prioritizing much-needed updates to outdated tax laws that have been in place since 1959.

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The Deputy Chairman of the Committee, Saidu Abdullahi, emphasized that no piece of legislation in the 10th Assembly had sparked as much debate as these tax reform bills.

He commended Speaker Tajudeen Abbas for fostering a collaborative atmosphere, ensuring the involvement of diverse stakeholders from all regions of the country.

Abdullahi noted that the recommendations reflect the input of various groups, and though the final drafts were not perfect, they were improved through public participation.

Opposition lawmaker Ikenga Ugochinyere (PDP-Imo) praised the process for its transparency and the inclusion of stakeholders, including consultants and the executive.

He emphasized that the reforms would expand the tax base, increase government revenue, and protect small businesses.

“This is a historic step forward for Nigeria,” Ugochinyere said, “and despite our position in the opposition, we stand in support of this reform.”

Benson Babajimi (APC-Lagos) added that concerns over inheritance tax, VAT, and derivation had all been carefully addressed during the process. “This is a significant day for Nigeria,” Babajimi remarked, “and we now await the Senate’s approval.”

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