The Senate is expected to pass President Bola Tinubu’s tax reform bills today (Tuesday), sources have confirmed.
Two senators, who spoke anonymously, disclosed that the approval was initially delayed due to discussions on the Rivers State political crisis but is now set to proceed.
“This should have been concluded last week, but the Rivers State issue took priority.
The four bills will be approved tomorrow,” one of the sources stated.
Attempts to reach the Senate Committee on Media and Publicity Chairman, Senator Yemi Adaramodu, for confirmation were unsuccessful, as he did not respond to calls or messages.
The expected approval follows the House of Representatives’ endorsement of the four tax reform bills two weeks ago.
The bills under review include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
Key amendments in the bills include maintaining the current Value Added Tax rate at 7.5% instead of increasing it and extending income tax exemptions to agricultural businesses and military personnel.
Earlier this month, the Senate held a two-day public hearing to gather input from stakeholders in the financial and economic sectors.
Attendees included Finance Minister Wale Edun, Federal Inland Revenue Service Chairman Zacch Adedeji, NNPC Group CEO Mele Kyari, members of the Federal Executive Council, and Customs Comptroller General Adewale Adeniyi.
With the Senate’s expected approval today, the bills will be sent to President Tinubu for final assent.