Senate Rejects VAT Increase, Passes Two Tax Reform Bills

Olaitan SodiqMay 7, 202582

The Nigerian Senate has passed two of President Bola Tinubu’s tax reform bills, moving forward with tax reforms.
The Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill were approved after thorough debate and review.

The Nigerian Senate has made significant progress in President Bola Tinubu’s tax reform agenda, passing two crucial bills on Wednesday. The approved bills include the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill.

According to Senate President Godswill Akpabio, the passage of these bills follows thorough consideration and debate by the upper legislative chamber.

The Senate’s ad hoc committee, chaired by Senator Sani Musa, had submitted a report on the bills, which was thoroughly reviewed at the Committee of the Whole level. Each clause of the bills was debated and reviewed before the Senate voted in favor of their passage through a voice vote.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Akpabio stated that the Senate would conclude consideration and passage of the remaining two bills, the Nigeria Tax Administration Bill and the Nigeria Tax Bill, on Thursday.

In a related development, the Senate rejected a proposal to increase the value-added tax (VAT) to 10 percent, opting to maintain the current rate of 7.5 percent. The Senate President emphasized that the upper chamber would work diligently to pass the remaining bills, even if it requires extended sitting hours.