Senate adopts harmonised report on tax reform bills

The senate has adopted the harmonised report of the conference committee on the four tax reform bills.

The resolution followed the consideration and approval of the recommendations of the conference committee set up by both chambers to reconcile differences in the bills.

Mohammed Sani Musa, chairman of the senate committee on finance and leader of the upper chamber’s delegation in the conference committee, presented the report on Wednesday.

The bills were transmitted to the national assembly in November 2024 by President Bola Tinubu.

They include the joint revenue board bill, Nigeria revenue service bill, Nigeria tax administration bill, and the Nigeria tax bill.

“The bills would modernise and harmonise Nigeria’s tax architecture to ensure greater revenue mobilisation and accountability,” Musa said.

“This reform is a major step towards creating a more efficient, fair, and transparent tax system.”

According to him, the harmonised bills incorporate inputs from stakeholders and reflect the joint commitment of both chambers to fiscal reform.

The lawmaker added that the bills, when passed and signed into law, would “eliminate overlaps in tax functions, strengthen enforcement, and increase the ease of doing business in the country”.

After announcing the passage of the bills following a voice vote, Godswill Akpabio, the senate president, commended lawmakers for their commitment to reforming Nigeria’s tax system.

He said the four executive bills are designed to transform and modernise the country’s tax framework.