The House of Representatives has passed the four tax bills submitted by President Bola Tinubu in October 2024. After months of deliberation, including public hearings and consultations with stakeholders, the bills were approved on Tuesday during their third reading.
Last Thursday, the House Committee on Finance had presented its report, which contained recommendations on the proposed legislation. The bills aim to reform Nigeria’s tax administration system, improving revenue collection and accountability at the federal, state, and local government levels.
During Tuesday’s plenary session, House Leader Julius Ihonvbere moved for the bills to be read for the third and final time. The first bill focuses on the assessment, collection, and management of government revenue, outlining the responsibilities of tax authorities. The second bill seeks to repeal the Federal Inland Revenue Service (FIRS) Act of 2007 and replace it with the Nigeria Revenue Service, granting it powers to assess, collect, and account for tax revenues.
The third bill proposes the creation of the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman. These bodies will oversee tax administration, resolve disputes, and ensure better coordination among tax authorities. The final bill consolidates various tax laws into a single Nigeria Tax Act, covering income, transactions, and instruments.
With Speaker Tajudeen Abbas presiding, the bills were overwhelmingly approved by lawmakers. However, some opposition came from northern lawmakers, who, aligning with their governors, argued for further consultations before proceeding.
The bills will now be forwarded to the Senate for consideration. If there are discrepancies between the Senate and House versions, they will undergo harmonization before being sent to President Tinubu for final approval.
