BREAKING: Senate Passes Controversial Tax Reform Bills For 2nd Reading

Senate has passed the controversial Tax Reform Bills for 2nd reading.

 

NewsOnline Nigeria reports that the Senate has moved forward with President Bola Tinubu’s tax reform agenda as it passed the second reading of four key bills aimed at overhauling the country’s tax system.

 

These bills include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

 

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If passed, the reforms will replace the Federal Inland Revenue Service (FIRS) with the newly proposed Nigeria Revenue Service (NRS) and establish a Joint Revenue Board.

 

These changes are part of a broader push by President Tinubu’s administration to streamline Nigeria’s tax administration, improve revenue collection, and create a more efficient system.

 

But Governors from the North, traditional leaders, and the Northern Elders Forum had previously opposed the bills, arguing that the proposed legislation did not serve the nation’s best interests.

 

Details later…