GISTSMATE MEDIA reports that the Nigerian Senate has passed the Tax Reform Bills proposed by President Bola Tinubu.
The bills, which were presented by Senate Leader Opeyemi Bamidele, were passed after a closed-door session that lasted over an hour.
The Tax Reform Bills are aimed at overhauling Nigeria’s tax system to drive revenue generation, simplify compliance, and support business growth. The bills comprise 43 clauses and six parts and are expected to protect small businesses and exempt the poor from tax payments. Additionally, the bills propose a reduction in corporate tax from 30 per cent to 25 per cent.
The passage of the bills was not without controversy, however. Senator Ali Ndume rejected the bill, citing insufficient consultations, issues with the Value Added Tax (VAT), and derivation. He argued that the Constitution would need to be amended for some of the proposals in the bill to take effect.
He said, “There is the issue of derivation because the Constitution has to be amended for some of the proposals of the Bill to be affected. This bill should be withdrawn. We work on it and submit it back after getting the buy-in of the Governors, National Executive Council and the Traditional Rulers.”
Despite the opposition, the bills were supported by Senators Seraike Dickson and the Chairman Senate Committee on Finance. Senate President Godswill Akpabio ruled in favour of the lawmakers in support of the bills.
Meanwhile, the Senate has directed its Finance Committee to hold a public hearing on the proposed bill, opening the floor for stakeholders, including the Governors’ Forum, National Economic Council (NEC), Northern Elders’ Forum (NEF), and other opposing groups, to share their thoughts and concerns. The Finance Committee has been tasked with reporting back to the Senate within six weeks.
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