The Nigerian Senate has passed the remaining two tax reform bills, bringing the total to four, in line with recommendations from the Presidential Fiscal Policy and Tax Reforms Committee. The legislation passed includes the Nigeria Tax Bill 2024 and the Joint Revenue Board Establishment Bill.
With the passage of all four bills, the country’s fiscal policy and tax reforms are now firmly on course. A National Assembly committee has been constituted to harmonize any differences between the Senate and House of Representatives versions.
This marks a key milestone in reshaping Nigeria’s fiscal landscape and boosting investor confidence through more transparent and effective taxation. The bill is expected to transform Nigeria’s tax landscape from the Value Added Tax (VAT), Company Income Tax, and Personal Income Tax systems. It is also designed to support a more productive and inclusive economy by modernizing tax administration and promoting greater equity.
These tax reform bills form a central pillar of the federal government’s economic strategy under the Renewed Hope initiative, which is focused on improving fiscal sustainability and establishing a more structured and efficient tax system. Once signed into law, these reforms are expected to enhance governance, improve tax compliance, and significantly boost national revenue, reinforcing the administration’s drive toward economic modernization.
President Bola Tinubu had initially forwarded the bills to the Senate as part of his broader agenda to overhaul Nigeria’s tax system and strengthen revenue collection processes. Senate President Godswill Akpabio commended the legislative milestone, stressing the importance of the bills in reinforcing governance and streamlining tax administration.
