The Nigerian Senate has taken major decisions on President Bola Tinubu’s tax reform plan, passing two of the proposed tax bills.
The bills passed are the Joint Revenue Board Establishment Bill (2025), which repeals the federal inland revenue service and the Nigeria Revenue Service Establishment Bill (2025), which seeks to harmonise tax collection. These are part of a broader set of four tax reform bills sent to the National Assembly by President Tinubu in October 2024.
The bills have sparked debate, especially around how Value Added Tax (VAT) should be shared between the federal, state, and local governments.
According to the documents under review, VAT will remain at 7.5%, with the proposed sharing formula set at 10% for the Federal Government, 55% for states and the FCT, and 35% for local governments.
The other two bills—the Nigeria Tax Administration Bill and the Nigeria Tax Bill—are expected to be debated when the Senate reconvenes.
The tax reforms aim to modernise Nigeria’s tax system, increase government revenue, block financial leakages, and reduce duplication in the system.
The Senate is expected to continue deliberations on the remaining bills tomorrow.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Senate President Godswill Akpabio said.
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The tinubuApc firs bill is never, what’s needed right now in Nigeria.
Rather, the consequences of arbitrary fuel subsidy remover which cuts accro ought to be addressed without political bias.
Again, tarrifs that was also increased from 33 to 56% is antihuman and should be addressed and let the NASS tell Nigerians what is not abnormal? FG claims it removed fuel subsidy but expended palliative in multiple percentage; what sense is contained in such govt policy? We only hope Nigeria won’t dispersed from the streets, if it does, tinubu shall not live to witness the emergence of indigenous nationalities for self determination…