The Senate is set to pass the tax reform bills sent by President Bola Tinubu to the National Assembly today (Tuesday), sources have confirmed.
Two prominent senators, who spoke anonymously, stated that the approval was initially delayed due to the Rivers State emergency issue but is now set to proceed.
“This should have been done last week, but certainly, the four bills will be approved tomorrow,” one of the sources said.
Efforts to reach the Chairman of the Senate Committee on Media and Publicity, Senator Yemi Adaramodu, for confirmation were unsuccessful, as he did not respond to calls or messages.
The Senate’s expected approval comes two weeks after the House of Representatives passed the four tax reform bills, which include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
Notable amendments in the bills include maintaining the Value Added Tax (VAT) rate at 7.5% instead of a proposed increase and extending income tax exemptions to certain agricultural businesses and military officers.
Two weeks ago, the Senate held a two-day public hearing on the bills, gathering input from key economic and financial stakeholders. The session was attended by Minister of Finance Wale Edun, Federal Inland Revenue Service Chairman Zacch Adedeji, NNPC Group CEO Mele Kyari, and the Comptroller General of Customs, Adewale Adeniyi, among others.
With the Senate’s approval, the bills will be transmitted to President Tinubu for signing into law.
