Encomiums As Senate Passes 2 Out Of 4 Tax Reform Bills …To Consider Remaining 2 Bills Today

By DailyTimesNGR 8 May 2025 573 No comment

BY PATRICK WEMAMBU

Tributes flowed Wednesday in Nigeria’s Upper House as the 10th Senate passed 2 out of the 4 controversial Tax Reform Bills transmitted to the National Assembly by President Bola Ahmed Tinubu last October for consideration.

The Senate President, Godswill Obot Akpabio, announced passage of the bills after an overwhelming majority of the senators had supported them.

The two bills passed are the Nigeria Revenue Service Establishment bill, which repeals the Federal Inland Revenue Service, and the Joint Revenue Board Establishment bill, which seeks to harmonise tax collection.

The Senate is to consider and pass the remaining 2 Bills which include the Joint Revenue Board (Establishment) Bill, 2025 and the Nigeria Tax Bill, 2025 today, Thursday.

Commending his colleagues, Senate President Godswill Obot Akpabio who presided over proceedings enthused about the resilience of members for staying up to 5.30pm to examine the two Bills.

“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” Akpabio said.

He further assured that the remaining two bills would be finalised today, Thursday, even if it requires extending the sitting hours.

“We are committed to concluding the outstanding bills tomorrow (Thursday) even if we have to stay here until 10 pm,” he assured.

In his remarks, Deputy President of the Senate, Senator Barau Jibrin, congratulated the entire Senate and in particular the Committee on Finance and the Elders Committee for the wisdom and leadership shown in x-raying the bills.

He noted; “Initially, there were disagreements and there were rancors here and there. But the Senate, standing on its position as the highest assembly in the land, decided to establish this committee, Committee of Elders (Special Committee), to look at all those areas of contention and hear the views of religious leaders, regional organizations and other stakeholders.

“Now, thank God, the committee also in its wisdom sat with all, had a very robust public hearing and got to where we are now. And thank God, all these areas have been resolved.

“This is the beauty of democracy. I’m proud to be a member of this Senate for the maturity that has been shown in dealing with this matter. Now, today we are all on the same pedestal, agreeing on this issue. Religious leaders, NGOs, Nigerian Governors Forum and the rest. Now we are on the same page.”

The Daily Times reports that apart from the rejection of a proposal to increase VAT from 7.5 to 10 percent, Akpabio, who read the resolutions, said the Senate also rejected the proposed phasing out of funding for some agencies.

The agencies include the Tertiary Education Trust Fund (TETFUND), the National Information Technology Development Agency (NITDA) and the National Agency for Science and Engineering Infrastructure (NASENI).

Instead, Akpabio said the Senate introduced a 4 percent development levy to sustain funding for the agencies.

“These agencies of government are essential for human capital and overall economic development of the country,” he said.

Adding that; “Phasing out their funding can lead to stagnation in education and the country losing out on technological evolutions and advancements.”