House of Reps Reviews Tinubu’s Proposed Tax Reforms

The House of Representatives is currently reviewing four tax reform bills submitted by President Bola Tinubu to the National Assembly in October 2024.

During Thursday’s plenary session, chaired by Speaker Tajudeen Abbas, the Chairman of the Committee on Finance, James Abiodun Faleke, presented the committee’s findings.

At the time of reporting, lawmakers had entered the Committee of the Whole to evaluate the bills clause by clause. Faleke’s submission followed a three-day public hearing, during which the committee gathered feedback from stakeholders and reviewed various memoranda.

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The proposed bills include:

• Bill HB.1756: Seeks to regulate the assessment, collection, and accounting of revenues across federal, state, and local governments while defining the powers and responsibilities of tax authorities.
• Bill HB.1757: Proposes repealing the Federal Inland Revenue Service (Establishment) Act, No.13, 2007, and creating the Nigeria Revenue Service to oversee revenue collection and management for the federal government.
• Bill HB.1758: Aims to establish a Joint Revenue Board, Tax Appeal Tribunal, and the Office of the Tax Ombud to harmonize and resolve disputes related to revenue administration.
• Bill HB.1759: Seeks to repeal existing tax laws and consolidate Nigeria’s taxation framework into a comprehensive Nigeria Tax Act, covering income, transactions, and instruments.

The House’s deliberations on these critical reforms will shape the future of Nigeria’s tax administration and revenue collection.