The Nigerian red chamber is set to approve President Bola Tinubu’s tax reform bills today, following weeks of legislative deliberations. Two senators who spoke anonymously confirmed the development.. stating that the approval process had been delayed due to pressing national issues but was now on track.
Efforts to secure official confirmation from the Senate Committee on Media and Publicity Chairman, Senator Yemi Adaramodu were unsuccessful as he did not respond to calls or messages. The approval comes just 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.
The legislative process involved a scrutinized clause-by-clause review of key amendments including maintaining the Value Added Tax rate at 7.5 percent and extending income tax exemptions to specific agricultural businesses and military officers. A two-day public hearing at the National Assembly saw participation from key stakeholders including Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji and NNPC Limited CEO Mele Kyari.
With the expected Senate approval, the bills will be transmitted to President Tinubu for final assent—marking a significant step in the administration’s fiscal policy agenda.
