There are indications that the Senate is set to pass President Bola Tinubu’s tax reform bills today, Tuesday. Two senators, speaking anonymously, confirmed the impending approval. “The approval was initially scheduled for last week, but the Rivers State issue took precedence,” one senator explained. “However, we are now set to approve all four bills tomorrow.”
Attempts to obtain official confirmation from Senator Yemi Adaramodu, Chairman of the Senate Committee on Media and Publicity, were unsuccessful. Adaramodu did not respond to calls or text messages.
This development follows the House of Representatives’ approval of the four tax reform bills two weeks prior. The bills, which include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill, underwent a detailed clause-by-clause review and amendment process.
Key amendments include maintaining the current 7.5 percent Value Added Tax (VAT) rate, rather than implementing a phased increase, and extending income tax exemptions to specific agricultural businesses and military personnel.
The Senate conducted a two-day public hearing on the bills, gathering input from key stakeholders in the economic and financial sectors. Prominent figures, such as the Minister of Finance, Wale Edun, and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, participated in the hearing.
With the Senate’s expected approval, the bills will be forwarded to President Tinubu for his signature, becoming law.
