The leadership of Nigeria’s Senate and House of Representatives has reiterated their firm commitment to the passage of the Tax Reform Bills currently before the National Assembly, emphasizing that the legislative process for these bills will not be compromised.
In a joint statement issued on Wednesday, Senate President Godswill Obot Akpabio and House of Representatives Speaker Rt. Hon. Tajudeen Abbas underlined the importance of the four tax-related bills, describing them as essential for Nigeria’s economic prosperity in 2025 and beyond. The reforms, they stated, are in the nation’s best interest, and the National Assembly will work diligently to ensure their passage.
The key bills include the Joint Revenue Board of Nigeria (Establishment) Bill, the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill—all aimed at overhauling Nigeria’s tax system.
Speaker Abbas reaffirmed the National Assembly’s support for President Bola Ahmed Tinubu’s tax reforms, calling them a transformative opportunity to strengthen Nigeria’s fiscal framework. He highlighted the significance of the reforms in improving the country’s revenue generation and fostering a competitive business environment, which will benefit small and medium enterprises.
Senate President Akpabio, in his remarks, praised the ongoing tax reforms under President Tinubu’s leadership, noting that they represent the most comprehensive overhaul of Nigeria’s tax system since the country’s independence. He assured the public that the National Assembly would not block any of the proposed reforms, urging Nigerians to engage thoughtfully with the proposals.
Both leaders also reiterated their commitment to passing the 2025 national budget and all related reforms. In addition, both chambers of the National Assembly have moved to extend the capital component of the 2024 budget to June 30, 2025, to ensure continuity in key infrastructure projects. The bill for the extension has already passed its first and second readings in the Senate.
This development follows the presentation of President Tinubu’s N47.96 trillion national budget for 2025, which he described as a “budget of prosperity and restoration.”
