President Bola Tinubu has sent four major tax reform bills to the National Assembly for consideration, marking an important step in his administration’s fiscal plans. These bills aim to improve Nigeria’s tax management and strengthen the country’s revenue system.
The bills were presented to both the Senate and the House of Representatives in a letter from President Tinubu, read aloud by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas during their sessions on Thursday. Tinubu highlighted that these reforms are aligned with his administration’s larger developmental objectives.
The first bill, called the Nigeria Tax Bill 2024, is designed to create a comprehensive fiscal framework for tax regulation in the country. Its goal is to set up clear guidelines on how taxes are to be administered, ensuring better oversight and transparency.
The second proposal, the Tax Administration Bill, seeks to streamline tax management across Nigeria. It focuses on making the tax collection process more efficient, reducing disputes and confusion regarding tax-related issues, and enhancing clarity in how taxes are handled.
Another important bill is the Nigeria Revenue Service Establishment Bill, which aims to replace the current Federal Inland Revenue Service (FIRS) Act. Under this proposal, a new entity, the Nigeria Revenue Service, will be established. The plan is to introduce modern and effective ways of managing Nigeria’s revenue system.
Finally, the Joint Revenue Board Establishment Bill introduces the creation of a tax tribunal and a tax ombudsman. These new bodies would be responsible for addressing tax-related grievances, offering a formal platform to resolve disputes between taxpayers and tax authorities.
