On Wednesday, the Nigerian Senate approved two of the four tax reform bills proposed by President Bola Tinubu.
The bills that received approval are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill.
The decision came after the Senate reviewed a report presented by an ad hoc committee led by Senator Sani Musa, who represents Niger East.
Each clause of the bills was carefully debated and examined during the Committee of the Whole sessions.
Following majority support expressed through a voice vote, the Senate President, Godswill Akpabio, formally announced the passage of the bills.
“These bills will add immense value to governance and transform how taxes are collected and distributed in Nigeria,” Akpabio stated.
He further said the remaining two bills would be concluded on Thursday, even if this necessitated extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to remain here until 10 pm,” Akpabio said.
Also, the upper chamber rejected a proposal to increase the Value Added Tax to 10 per cent, opting instead to maintain the current rate of 7.5 per cent.
The two remaining bills scheduled for consideration and passage on Thursday are the Nigeria Tax Administration Bill and the Nigeria Tax Bill.
