By Abdullahi Mukhtar Algasgaini
The House of Representatives has approved four crucial tax reform bills during its session on Thursday in Abuja.
The bills, which are now awaiting Senate concurrence, include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
James Abiodun Faleke, Chairman of the House Committee on Finance, highlighted the thorough process that led to the bills’ adoption. Over 80 key stakeholders participated in public hearings, and an eight-day retreat was held to debate the clauses.
Faleke expressed confidence that the tax reforms would result in widely accepted laws and thanked lawmakers and House leadership for their support.
“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” Faleke emphasized, referring to the existing tax laws, some of which date back to 1959.
Deputy Committee Chairman Saidu Abdullahi praised Speaker Tajudeen Abbas for fostering consensus among stakeholders and ensuring that input from all geopolitical zones was considered.
He added that the recommendations reflect the contributions of various groups and that the final version resulted from extensive consultation.
Ikeagwuonu Ugochinyere, an opposition member, also lauded the reform process, highlighting its transparency and the adjustments made to reflect public interests better. He assured the reforms would expand the tax base, enhance revenue collection, and protect small businesses.
Benson Babajimi, a lawmaker from Lagos, noted that all concerns from various stakeholders, including issues like inheritance tax and VAT, were carefully addressed during the legislative process.
With the House’s approval now secured, the tax reform bills await the Senate’s concurrence.