The tax reform bills proposed by President Bola Tinubu has passed the second reading at the house of representatives.
The four bills — Nigeria Tax Bill, the Tax Administration Bill, Joint Revenue Board Establishment bill, and the Nigeria Revenue Service Bill — scaled the second reading on Wednesday after an extensive debate by lawmakers.
Ali Isa, a senator from Gombe state, said the government’s consultations had enlightened Nigerians and stakeholders, leading to broad support for the proposed laws.However, he expressed concerns about section 146 of the bill, which proposes a gradual increase in value-added tax . He warned that it could lead to higher prices for basic commodities.
Adedeji Olajide, a lawmaker from Oyo state, said modernising Nigeria’s tax system was crucial for the country’s progress.“Reforming our taxation law is the right way to go. This is what we need to move our country to the next level,” he said. Ademorin Kuye from Lagos highlighted the importance of supporting the reforms to make Nigeria globally competitive, while George Ozodinobi from Anambra state praised the president’s courage in pushing the bills despite opposition.Kingsley Chinda, the minority leader, acknowledged that the alleged ambiguities in the bill would be clarified at the committee stage.James Faleke, chairman of the finance committee, said the introduction of the bills initially triggered strong resistance.
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