By Dele Ogbodo
The Nigerian Senate on Wednesday approved 2 out of 4 key tax reform bills, signposting a positive shift in the ongoing overhaul of Nigeria’s tax administration system.
The bills passed include one to repeal the Federal Inland Revenue Service (FIRS) (Establishment) Act and another to establish both the Joint Revenue Board and the Nigeria Revenue Service.
These were adopted after detailed review and a third reading on the Senate floor.
The Chairman, Senate Committee on Finance, Sani Musa, while presenting his report emphasized that the tax reform legislation is vital for President Bola Tinubu’s vision of growing Nigeria’s economy to $1 trillion by 2030.
Musa acknowledged the importance of creating laws that are practical, beneficial, and enduring beyond the current administration, reflecting the true needs of Nigerians
President of the Senate, Mr. God’s will Akpabio, however praised the progress made by the chamber expressing confidence that these reforms would improve governance and transform the way taxes are collected and distributed nationwide.
He assured that the remaining two bills would be concluded the next day, even if it required extended sitting hours.
