The House of Representatives has approved four major tax reform bills transmitted by President Bola Tinubu, marking a significant shift in Nigeria’s revenue administration.
During its plenary session on Thursday, the House considered and adopted the report presented by its special committee on the proposals. The bills aim to streamline tax collection, improve transparency, and enhance revenue generation at all levels of government.
Among them is a bill seeking to regulate the assessment, collection, and accounting of revenue for the Federation, states, and local governments. Another bill repeals the Federal Inland Revenue Service (Establishment) Act, replacing it with the Nigeria Revenue Service, which will oversee tax collection and revenue management nationwide.
The lawmakers also approved the establishment of a Joint Revenue Board, a Tax Appeal Tribunal, and the Office of the Tax Ombud to address disputes and improve coordination in revenue administration.
Additionally, a bill consolidating various taxation laws into a single Nigeria Tax Act was passed, providing a unified legal framework for income, transaction, and instrument taxation.
Chairman of the Finance Committee, James Faleke assured that public concerns had been addressed in the legislative process, emphasizing that due diligence was carried out before the bills were passed.
The passage of these bills marks a crucial step in the Federal Government’s broader fiscal reforms aimed at strengthening Nigeria’s economic stability and boosting internally generated revenue.
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