The Nigerian Senate is on track to pass the contentious tax reform bills submitted by President Bola Tinubu, with the approval expected to take place today, Tuesday.
Two senators, speaking anonymously due to restrictions on public comments, confirmed to Punch that the legislative chamber would finalize the bills during today’s session.
One of the sources noted that the approval was initially scheduled for last week but was delayed due to the Rivers State emergency situation. However, all four bills are now set for passage.
According to Naija News, this move follows the House of Representatives’ approval of the same tax reform bills two weeks ago.
The proposed legislation includes the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
During its review, the House retained the current 7.5% Value Added Tax (VAT) rate instead of implementing a planned incremental adjustment.
Additionally, the bills introduce tax reliefs for certain agricultural enterprises and military personnel to promote economic growth in these sectors.
Once the Senate grants its approval, the bills will be sent to President Tinubu for his signature, bringing the administration’s tax reform agenda closer to implementation.