…Seeks Prompt Passage of Legislation to Strengthen Fiscal Institutions
President Bola Ahmed Tinubu has forwarded four comprehensive tax reform bills to the National Assembly, urging lawmakers to expedite consideration and passage. This move aligns with the President’s commitment to reforming Nigeria’s tax system.
In a letter read during Thursday’s plenary session by Speaker Abbas Tajudeen, President Tinubu emphasized the significance of the proposed legislation. The bills, designed to align with his administration’s objectives, aim to strengthen fiscal institutions across the nation.
The four bills submitted by the President are The Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill. These bills provide a comprehensive fiscal framework for taxation, establish a clear legal framework for taxes, repeal the existing Federal Inland Revenue Service Act, establish the Nigeria Revenue Service, create a tax tribunal and tax ombudsman.
According to President Tinubu, these bills are crucial for achieving his administration’s broader objectives, including economic growth and development. The proposed reforms are expected to bring significant changes to Nigeria’s tax landscape, promoting efficiency, transparency, and accountability in tax administration.