Reps Approve President Tinubu’s Tax Reform Bills
The House of Representatives has approved President Bola Ahmed Tinubu’s tax reform bills, a major step in modernizing Nigeria’s tax system. The approved bills include:
- Nigerian Tax Bill
- Tax Administration Bill
- Revenue Tax Board Bill
- Nigerian Revenue Service Establishment Bill
Following public hearings with over 80 stakeholders and an eight-day legislative retreat, lawmakers adopted key amendments. VAT remains at 7.5%, and tax exemptions are extended to agricultural businesses and military officers.
House Finance Committee Chairman, Hon. James Faleke, praised Tinubu for prioritizing tax reforms, ensuring an expanded tax net, improved revenue collection, and economic growth while protecting small businesses.
Lawmakers, including opposition voices, commended the transparent process and its economic benefits.
This milestone highlights President Tinubu’s commitment to fiscal reforms that will drive national development.
— Kamorudeen Olawale Yusuf
P.A to the President on Special Duties
