The National Assembly has pledged to ensure the passage of the Tax Reform Bills submitted by President Bola Tinubu in October 2024, emphasizing its commitment to the proposed fiscal reforms.
Lawmakers stated that rather than dismissing the bills, efforts would be made to address misconceptions and secure public support for their enactment.
The Tax Reform Bills include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024. These bills aim to reshape Nigeria’s fiscal landscape and enhance its revenue generation framework.
Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas affirmed this commitment during President Tinubu’s 2025 budget presentation to the National Assembly. In his opening remarks, Akpabio commended the President’s vision for comprehensive tax reform, describing the bills as a transformative opportunity to revitalize small and medium enterprises and improve the livelihoods of Nigerians.
Akpabio stated that critics of the reforms often misunderstand their purpose, urging Nigerians, especially those in public service, to carefully engage with the proposed changes. He highlighted that this marks the first comprehensive tax reform since Nigeria’s independence, with the potential to create a more competitive business environment, bolster Nigeria’s revenue base, and support sustainable development.
He assured the President that the National Assembly would not dismiss the reform bills but instead work to demonstrate their merits to Nigerians. “We will not kill any reform that you have forwarded to us for consideration, Mr. President, but rather engage Nigerians to see the benefits,” Akpabio said.
Echoing this sentiment, Abbas reaffirmed the National Assembly’s commitment to collaborating with the President on his reform agenda. In his closing remarks, Abbas emphasized that the legislative body is fully committed to supporting the 2025 budget and other critical reforms presented by the executive.
Following the budget presentation, both chambers of the National Assembly initiated steps to extend the capital expenditure component of the 2024 budget to June 30, 2025. Legislative actions included listing relevant bills for consideration, which passed their first and second readings in the Senate on Wednesday.
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