By Abiola Olawale
The National Assembly on Thursday received four tax reform bills from President Bola Ahmed Tinubu.
The notification of the bills was contained in separate letters addressed to the President of the Senate, Senator Godswill Akpabio and the Speaker of the House of Representatives, Hon. Tajudeen Abbas.
The letter was also read during their respective plenary sessions by Akpabio and Abbas, on Thursday.
In the letter, Tinubu explained that the bills were crafted to align with his administration’s goals.
The proposed bills include the Nigeria Tax Bill 2024, which aims to establish a comprehensive fiscal framework for tax regulation.
The Tax Administration Bill seeks to provide a clear and concise legal structure for managing taxes in Nigeria to reduce disputes and enhance efficiency.
Additionally, the Nigeria Revenue Service Establishment Bill is intended to repeal the Federal Inland Revenue Service Act and create the Nigeria Revenue Service.
According to the federal government, the Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman to address tax-related matters.
Tinubu stated that these bills would bolster Nigeria’s fiscal institutions and are in line with his government’s broader development objectives for the country.
This comes after Tinubu, on October 1, 2024, during his speech on Nigeria’s 64th Independence Anniversary, said he is planning to transmit some Economic Stabilisation Bills to the National Assembly.
He had said: “We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.”
