President Bola Tinubu has opted to keep four tax reform bills with the National Assembly, despite the National Economic Council (NEC)’s recommendation to withdraw them for further consultation.
Tinubu acknowledged the NEC’s advice, led by Vice President Kashim Shettima and the 36 State Governors, but believes the current legislative process allows for adequate consultation and potential amendments.
In a statement dated November 1, 2024, Bayo Onanuga, Special Adviser to the President on Information & Strategy, relayed Tinubu’s position, stating that “the legislative process already allows for contributions and necessary amendments without the need to withdraw the bills from the National Assembly.”
These tax reform bills, central to the government’s agenda, aim to modernize Nigeria’s tax administration. Since the establishment of the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, Tinubu has prioritized creating a streamlined and business-friendly tax environment, based on nationwide input gathered by the committee.
The four bills include:
- Nigeria Tax Bill – This bill aims to simplify tax obligations and eliminate multiple layers of taxation.
- Nigeria Tax Administration Bill (NTAB) – This bill is designed to harmonize tax processes across federal, state, and local governments.
- Nigeria Revenue Service (Establishment) Bill – Proposes re-establishing the Federal Inland Revenue Service as the Nigeria Revenue Service to represent the entire federation.
- Joint Revenue Board Establishment Bill – Aims to establish a Joint Revenue Board, including an Office of Tax Ombudsman to protect taxpayers.
With these reforms, the government seeks to create a consolidated, simplified tax framework that aligns with global standards, fostering a more supportive environment for businesses across Nigeria.
