Senate Passes Two of Tinubu’s Key Reform Bills, Rejects VAT Increase
By Kolawole Ojebisi
Landmark Legislative Decision
The Nigerian Senate made significant progress on President Bola Tinubu’s economic reform agenda on Wednesday, passing two crucial bills aimed at transforming the nation’s revenue system.
Approved Legislation
The upper legislative chamber gave its nod to:
- The Nigeria Revenue Service Establishment Bill
- The Joint Revenue Board Establishment Bill
Thorough Legislative Process
The bills underwent meticulous examination by an ad hoc committee chaired by Senator Sani Musa (Niger East), which was specifically constituted to address controversies surrounding the proposed reforms.
During Wednesday’s plenary session, lawmakers conducted a clause-by-clause review and extensive debate at the Committee of the Whole before reaching their decision.
Leadership’s Perspective
Senate President Godswill Akpabio announced the passage after a majority voice vote, commending his colleagues for their commitment to national development.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” Akpabio stated, expressing optimism about their potential impact.
Pending Legislation and VAT Decision
The Senate deferred action on two remaining bills:
- The Nigeria Tax Administration Bill
- The Nigeria Tax Bill
In a notable decision, lawmakers rejected a proposal to increase Value-Added Tax (VAT) from 7.5% to 10%, maintaining the current rate.
Commitment to Completion
Akpabio assured Nigerians that the Senate would conclude work on the outstanding bills on Thursday, even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” the Senate President declared.
Legislative Background
President Tinubu had transmitted all four reform bills to the National Assembly in October 2024. The House of Representatives had previously passed the legislation despite initial objections from some stakeholders, particularly in northern Nigeria.
For more details, read the original report.