Despite Stiff Opposition, Ambitious Tax Reform Bill Scales 2nd Reading at HoR

Even as strong opposition has continued to rise due to agitation from some parts of the country, the tax reform bills, yesterday passed for second reading after a long debate on the floor of the House.

The merged four tax reform bills are, the Joint Revenue Board of Nigeria, Establishment, Bill 2024, the Nigeria Revenue Service (Establishment) Bill 2024, the Nigeria Tax Administration Bill 2024, and the Nigeria Tax Bill 2024 – are meant to overhaul the Nigerian tax system.

Business Hilights recalls that President Tinubu submitted the bills before the National Assembly in 2024 though faced with regional discordant voices and criticism.

At Wednesday’s plenary, Hon. Julius Ihonvbere – the Majority Leader in the house led the debate, hinting on the concerns raised about the bills, however noted that the Nigerian Governors Forum – NGF, has resolved the issues.

He averred that the House had held several meetings with different caucuses to address their concerns and also highlighted some of the benefits of the bills, including tax exemptions for low-income earners.

However, after a debate lasting over four hours, the bill was subsequently passed for a second reading when it was put to a vote by Speaker Abbas Tajudeen.

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The bills were later referred to the House Committee on Finance for further legislative action.

The tax reform bills, drafted by the Presidential Committee on Tax Reforms and Fiscal Policy, aim to overhaul the existing tax laws in Nigeria.

However, the bills have faced stiff opposition, mainly from the northern parts of the country, particularly from northern governors who have described them as “anti-North.”