The House of Representatives successfully passed four tax reform bills that were submitted to the National Assembly in October 2024. The House Committee on Finance had previously reviewed and endorsed the bills, offering suggestions on contentious issues like Value Added Tax and inheritance tax. The legislation is now awaiting approval from the Senate and is anticipated to be sent to the President for final approval.
During the session, the Leader of the House, Julius Ihonvbere, proposed that the bills be read for the third and final time. The bills cover various aspects such as revenue collection, establishment of the Nigeria Revenue Service, creation of the Joint Revenue Board, Tax Appeal Tribunal, and the Office of the Tax Ombud, as well as the consolidation of tax laws under the Nigeria Tax Act.
The members of the House voted overwhelmingly in favor of the bills, which were subsequently passed under the supervision of Speaker Tajudeen Abbas. Once approved by the Senate and any necessary reconciliation of differences between the two chambers, the bills will be sent to the President for final approval.
Despite some opposition from certain members, particularly those from Northern regions, who sought further consultations, the bills proceeded through the House and are now poised for the next steps in the legislative process.