The tax reform bills that President Bola Tinubu sent to the National Assembly are scheduled to be approved by the Senate today (Tuesday).
Two well-known senators verified this development, but they asked to remain anonymous since they lacked the authority to comment on the subject.
“This should have been done last week had the Rivers State of emergency issue not come up,” one source explained. “But certainly, the four bills will be approved tomorrow.”
There were no successful attempts to confirm with Senator Yemi Adaramodu, the chairman of the Senate Committee on Media and Publicity.
Adaramodu did not answer calls or text messages for explanation at the time this article was filed.
The House of Representatives passed the four contentious tax reform bills two weeks before the impending Senate action.
Among the legislation are those pertaining to Nigerian taxes, tax administration, revenue tax boards, and the establishment of the Nigerian revenue service.
This came after the Committee of the Whole reviewed all pertinent changes clause by clause.
Among the noteworthy changes are the extended of income tax exemptions to some agricultural enterprises and military officials, as well as the maintenance of the Value Added Tax rate at the existing 7.5 percent rate rather than a phased increase.
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The Senate held a two-day public hearing in the National Assembly two weeks ago to discuss the tax reform legislation. Key players from the country’s financial and economic sectors attended the hearing to debate and improve crucial fiscal policies.
Prominent members of the government and business community were present, including the Comptroller General of Customs, Adewale Adeniyi; members of the Federal Executive Council; the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari; the Chairman of the Federal Inland Revenue Service, Zacch Adedeji; and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The House of Representatives approved the same bills last week. After the Senate gives its approval, Tinubu will get the measures to sign into law.
