National Assembly Resumes Today, Sets to Expedite Action on Tax Reform Bills

• The National Assembly is set to resume today, with plans to expedite action on tax reform bills.

• The bills, which were initially met with resistance from northern governors and lawmakers.

•  The revised bills are expected to be passed into law by the end of March, with implementation set to begin in July.

The National Assembly is set to resume today, with plans to expedite action on tax reform bills submitted by President Bola Tinubu. The bills, which aim to reform the country’s tax system, have been revised to address concerns raised by northern governors and lawmakers.

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According to sources, the revised bills will be given accelerated hearings as lawmakers resume today.

The Senate, which had passed the bill for second reading, will continue to fine-tune the bills in accordance with the agreement reached by the governors.

Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, stated that the bills are expected to be passed into law in the first quarter of 2025.

“Our expectation is that this will happen before the end of Q1 so we can notify taxpayers to prepare and begin implementation by July 1,” he said.

National Assembly Sets N25 Trillion Revenue Target For FIRS In 2025

The National Assembly has set an ambitious revenue target of N25 trillion for the Federal Inland Revenue Service (FIRS) in 2025.

This comes after the FIRS exceeded its 2024 revenue target of N19.4 trillion, generating N21.6 trillion.

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