Senate passes 2 tax reform bills

Senate on Thursday passed the remaining two of four key tax reform bills, having earlier approved two on Wednesday.

It was reported that the newly passed bills are the Joint Revenue Board Establishment Bill, 2025 and the Nigeria Tax Bill, 2025.

Their passage followed a clause-by-clause consideration of recommendations submitted by the Senate Committee on Finance.

According to Senate President, Godswill Akpabio, the Nigeria Tax Bill, 2025, consolidates the country’s existing taxation legal frameworks.

While the Joint Revenue Board Establishment Bill provides for the creation of the Tax Appeal Tribunal, the Office of the Tax Ombudsman, and facilitates the harmonisation and coordination of tax administration in Nigeria.

Akpabio commended the Chairman of the Finance Committee, Sen. Sani Musa, as well as committee members and tax consultants for their valuable contributions.

He also praised lawmakers for their diligent scrutiny of the bills, describing the week’s legislative work as “very rewarding” and “in the interest of Nigerians.”

He described the passage of the bills as historic, expressing confidence that once signed into law, the reforms would boost national revenue, promote fairness in tax administration, and accelerate development for future generations.

Akpabio added that a conference committee of the Senate and House of Representatives would harmonise the bills before forwarding them to the President for assent.

He noted that the legislation marked a significant step toward establishing a modern tax system aligned with global best practices.