National Assembly set to pass harmonised Tax Reform Bills

The National Assembly has signaled its readiness to pass the harmonised tax reform bills by Tuesday, following the resolution of all contentious clauses in the proposed legislation.

IDOMA VOICE gathered that the Chairman of the House Committee on Finance, James Faleke, announced this via his official 𝕏 account on Sunday, announcing that the review process had been successfully concluded.

Faleke, who led the House delegation during the harmonisation exercise, revealed that the Conference Committee comprising members from both the House of Representatives and the Senate conducted a comprehensive review of all four tax reform bills.

“The Conference Committee set up by the House and the Senate on the Tax Reform Bills has successfully concluded its work. The joint committees thoroughly reviewed all sections and addressed the grey areas of the four bills, examining each clause strategically and resolving contentious issues,” he stated.

He highlighted the committee’s diligence, noting that members worked late into Thursday night, all through Friday, and into the early hours of Saturday to finalise the review.

Faleke expressed appreciation to members of both chambers who participated in the process, particularly commending Senator Sani Musa, Chairman of the Senate Committee on Finance, for his leadership during the harmonisation.

“I would like to especially appreciate the Senate Conference Committee, ably led by the Chairman of the Senate Committee on Finance, the Distinguished Senator Sani Musa. I also extend heartfelt gratitude to my colleagues on the House Conference Committee, which I had the honour to lead, for their unwavering commitment to the Nigerian people,” he said.

The tax reform bills, submitted to the harmonisation committee two weeks ago, aim to overhaul Nigeria’s tax framework, aligning it with international standards and enhancing revenue generation.

Senate President Godswill Akpabio earlier praised lawmakers for their commitment to modernising the country’s tax system, noting the importance of the reforms in transforming Nigeria’s fiscal landscape.

“These four executive bills seek to transform and modernise the tax system in Nigeria,” Akpabio said following a majority voice vote in the Senate.

Senator Sani Musa, Chairman of the ad hoc committee on the tax reform bills, also noted that the proposed legislation would support the funding of key national development efforts.

With the review process now complete, the bills are set to be presented for final passage in both chambers of the National Assembly before being transmitted to President Bola Tinubu for assent.