The House of Representatives are now prepared to debate President Bola Tinubu’s proposed tax reform bills.
The bills, sent to the National Assembly in September 2024, faced opposition from state governors and northern lawmakers who feared they would negatively impact state finances.
However, after several meetings, lawmakers have now agreed to move forward with discussions. Speaker Tajudeen Abbas has assured them that all controversial sections of the bills will be reviewed during public hearings.
The four bills, Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill aim to improve the country’s tax system.
Read Also: Tinubu Approves North-Central Development Commission Bill for Regional Growth
NBC Advocates Value-driven Broadcast Contents
One major issue was the revenue-sharing formula, which governors initially opposed.
A revised formula, giving 50% of VAT revenue equally to all states, 30% based on what each state generates, and 20% based on population, has helped to ease tensions.
Key lawmakers, including House Leader Julius Ihonvbere and Minority Leader Kingsley Chinda, have stressed the importance of involving all stakeholders in the process.
With lawmakers reaching an agreement, the bills will now move to the second reading. Regional leaders and finance committee members will ensure fairness and transparency in the review process.
Lawmakers say the reforms are crucial for strengthening Nigeria’s economy and ensuring a more efficient tax system. The final version of the bills is expected to be passed soon after all concerns are addressed.
FOR MORE UPDATES FOLLOW OUR WHATSAPP CHANEL: https://whatsapp.com/channel/0029VaNylaS7tkj6nmqtSl25
