The Nigerian Senate has passed two out of the four tax reform bills transmitted by President Bola Tinubu in October last year for legislative debate and passage.
The bills passed on Wednesday by the red Chamber are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board Establishment Bill.
They were passed following the presentation by the special committee, the finance committee, and clause by clause consideration of the bills.
The remaining two of the four tax reform bills: the Nigeria Tax Bill and Nigeria Tax Administration Bill would be passed tomorrow, May 8, 2025.
The Senate President, Godswill Akpabio, announced the passage of the bills after a a voice vote by the senators in support of the bills.
He applauded the finance committee for its tireless efforts in ensuring the passage of the bills, assuring that the bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
The Senate, however, rejected a proposal to increase the Value-Added Tax (VAT) to 10 percent, therefore, retained the current rate at 7.5 percent.
