The Nigerian House of Representatives approved President Bola Ahmed Tinubu’s tax reform bills after months of debate. The bills faced opposition, particularly regarding the value-added tax model from Northern Nigeria governors and the National Economic Council. Tinubu originally presented the bills to the National Assembly in October 2024.
On Thursday, the Nigerian House of Representatives approved President Bola Ahmed Tinubu’s tax reform bills following extended discussions and debates. This decision comes as a significant step after a period of controversy surrounding the proposed legislation. Notably, details regarding the specifics of the bills were not elaborated upon by the presidential spokesperson, Sunday Dare, who confirmed the passage through his official social media channels.
The tax reform bills faced considerable opposition, particularly from the Northern Nigeria Governors’ Forum, which expressed disapproval of the proposed value-added tax derivation model within the Nigeria Tax Bill. Additionally, the National Economic Council voiced concerns regarding the same tax model.
In a related context, President Tinubu first presented the four key tax reform bills to the National Assembly on October 3, 2024. These bills included the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill, indicating a comprehensive effort to overhaul Nigeria’s tax system.
The approval of President Tinubu’s tax reform bills marks a pivotal moment in Nigerian legislative actions, despite the significant pushback from various governmental entities. Key aspects of the reform include addressing tax administration and revenue generation, aimed at strengthening the nation’s economic framework. The passage highlights ongoing challenges in achieving consensus among stakeholders within the Nigerian governance structure.
Original Source: dailypost.ng
