The House of Representatives has approved four tax reform bills proposed by President Bola Tinubu, aiming to overhaul the nation’s tax system.
The bills, however, underwent notable amendments during the legislative process.
The approved bills—the Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill—are designed to modernise the country’s tax system and boost revenue generation.
The key amendments include retaining the Value Added Tax rate at the current 7.5 percent as opposed to an increment of 12.5 percent by 2026 and exempting minimum wage earners, military officers, and specific agricultural businesses from income tax obligations, ensuring that Nigeria’s most vulnerable workers are not adversely affected by the reforms.
The tax reform bills underwent three full days of public hearings and an eight-day retreat, with input from over 80 stakeholders.
James Faleke (APC-Lagos), Chairman of the House Committee on Finance, assured Nigerians that the amendments addressed concerns raised by businesses, labour groups, and economic experts.
Saidu Abdullahi (APC-Niger), Deputy Committee Chairman, described the tax reform process as the most debated in the 10th Assembly, highlighting the inclusive approach taken.
Ikenga Ugochinyere (PDP-Imo) praised the reforms for balancing tax efficiency with small business protection.
With the House’s approval, the bills will now proceed to the Senate for concurrence before being sent to President Tinubu for assent.
These reforms are expected to expand Nigeria’s tax net, improve government revenue, and ensure a fairer tax system if passed into law.
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