The National Assembly is likely to pass the harmonised tax reform bills on Tuesday after resolving all disagreements in the proposed laws.
The decision follows the completion of a detailed review process by a joint committee made up of members from both the House of Representatives and the Senate.
The committee had been working on the bills for the past two weeks, examining every section and fixing areas of disagreement.
Their discussions went on through Thursday night, continued all day Friday, and wrapped up in the early hours of Saturday.
The team has now concluded its work, and the bills are ready to be presented in both chambers for final approval.
The Chairman of the House Committee on Finance, who led the review on behalf of the House, shared that the committee had taken time to carefully go through all four tax bills.
He also acknowledged the efforts of his team and the Senate counterpart, especially the head of the Senate Committee on Finance, for their role in making sure the process was smooth and thorough.
These tax reform bills were introduced to update Nigeria’s tax system and bring it in line with global practices.
After the National Assembly approves the bills, they will be sent to President Bola Tinubu for his signature.
Lawmakers said that the new tax laws will help improve how taxes are collected and managed.
The bills cover areas such as Value Added Tax (VAT), development levies, and inheritance tax.
They also propose setting up a tax tribunal and a tax ombudsman to handle complaints and disputes.
Apart from improving tax administration, parts of the money raised from the new taxes are expected to support efforts to fight cybercrime, improve defence systems, assist soldiers working to keep the country safe, and support education through TETfund.
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