Senate passes two tax bills, rejects 10% VAT
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President Tinubu had transmitted the four tax reform bills to the National Assembly in October 2024 as part of broader fiscal reforms aimed at enhancing revenue collection and improving public finance management.
The bills were adopted following a two-hour review of the report submitted by the ad hoc committee chaired by Senator Sani Musa, who represents Niger East Senatorial District. The session concluded at about 5:30 p.m.
The Senate President, Godswill Akpabio, announced the passage after a majority voice vote and commended lawmakers for their cooperation in amending and removing contentious sections.
“These bills will add immense value to governance and transform the way taxes are collected and distributed in Nigeria,” Akpabio said. “We hope they will revolutionise tax administration. I thank all senators for their sacrifices in producing a document that will stand the test of time for the collective good of Nigerians.
“We will complete work on the two remaining bills tomorrow (Thursday), even if we must sit until 10 p.m. We’ll resume by 12 noon for further deliberation and voting.”
Also speaking, Deputy Senate President, Barau Jibrin, praised his colleagues for the progress made, despite early disagreements.
“It’s normal to disagree to agree, especially on such sensitive matters,” he said. “The Committee on Finance and the Committee of Elders deserve special commendation for their wisdom and leadership.
“Initially, there were disagreements and rancour. But the Senate, being the highest legislative body in the land, wisely constituted a Special Committee to engage with stakeholders including religious leaders, regional organisations, and the Nigerian Governors’ Forum.
“Thankfully, all contentious areas have been resolved. This is the beauty of democracy, and I am proud of the maturity this Senate has shown.”
The House of Representatives had earlier passed the four tax bills put forward by President Tinubu. The concurrence by the Senate paves the way for a new tax regime in Nigeria when the bills get transmitted and signed into law by President Tinubu.
