The House of Representatives has given its approval to four tax reform bills initially presented to the National Assembly by President Bola Tinubu in October 2024.
The passage took place on Tuesday, marking a significant step in the government’s ongoing efforts to reshape the country’s tax system.
Last week Thursday, lawmakers reviewed and endorsed a report from the House Committee on Finance, which offered recommendations addressing key concerns, particularly around the Value Added Tax (VAT) and inheritance tax.
These aspects have generated debate among stakeholders.
With the House’s approval secured, attention now shifts to the Senate, which is expected to deliberate on the bills in the coming days.
Once both chambers reach an agreement, the proposed reforms will be forwarded to President Tinubu for his final approval.
The tax reform initiative is part of broader economic policies aimed at boosting revenue and addressing fiscal challenges.
Observers are keenly watching the Senate’s stance, as its decision will determine the speed of implementation.
If signed into law, the new tax measures could have significant implications for businesses and individuals across the country.
