The Senate and House of Representatives leadership have declared unwavering support for the passage of the Tax Reform Bills recently forwarded to the National Assembly by President Bola Ahmed Tinubu.
In a joint statement issued on Wednesday by Senate President Godswill Akpabio and Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, they emphasised that the tax-related bills are pivotal for Nigeria’s economic prosperity in 2025 and beyond.
The statement underscored that lawmakers would actively engage the public to dispel misconceptions about the reforms and ensure their successful passage.
Speaker Abbas described the President’s tax reform agenda as a transformative step towards strengthening Nigeria’s fiscal system. He reiterated the National Assembly’s commitment to supporting these reforms and their alignment with the goals of the 2025 budget.
The proposed reforms include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024, Nigeria Revenue Service (Establishment) Bill, 2024, Nigeria Tax Administration Bill, 2024, and the Nigeria Tax Bill, 2024.
Senate President Akpabio commended President Tinubu for initiating what he termed “the most comprehensive tax reform since Nigeria’s independence.” He noted that these reforms would boost small and medium enterprises, enhance revenue generation, and foster a more competitive business environment.
“We will not kill any reform that you have forwarded to us, Mr. President,” Akpabio assured, encouraging the public to engage constructively with the proposals.
Speaker Abbas echoed these sentiments, stating, “We are fully committed to supporting the 2025 budget and all related reforms.” He pledged close collaboration between the legislature and the executive to achieve the objectives of the tax reforms.
Beyond the tax reforms, the National Assembly also moved to extend the capital component of the 2024 budget to June 30, 2025. This decision, aimed at ensuring the uninterrupted execution of key infrastructure projects, has already passed its first and second readings in the Senate.
President Bola Ahmed Tinubu recently presented a 2025 national budget of N47.96 trillion, describing it as a “budget of prosperity and restoration.” The budget, he said, aligns with the administration’s broader economic agenda to foster growth and stability in the coming year.
