UPDATE: Senate Passes Remaining Tax Reform Bills

The Senate has passed the remaining two of the four major tax reform bills, completing clause-by-clause review aimed at modernising Nigeria’s tax administration.

During Wednesday’s plenary, lawmakers began deliberation on the reports of the four executive-sponsored tax bills, successfully passing two and deferring the remaining two to Thursday.

However, all four have now been approved.

The bills include the Joint Revenue Board Establishment Bill, the Nigeria Revenue Service Establishment Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill.

“These four executive bills seek to transform and modernise the tax system in Nigeria,” the Senate stated during the session.

The following passage, a conference committee has been constituted to harmonise the versions with the House of Representatives. Once aligned, the bills will be forwarded to President Bola Ahmed Tinubu for his assent.