National Assembly Pushes Bold Tax Reform as 4 Key Bills Near Passage

National Assembly Pushes Bold Tax Reform as 4 Key Bills Near Passage

National Assembly lawmakers are making a bold move that could reshape Nigeria’s tax landscape. After days of tense negotiations and long sessions, the joint tax reform bills have finally crossed a major hurdle. The harmonised legislation, crafted to improve Nigeria’s tax system, is now ready for a final vote.

Chairman of the House Committee on Finance, James Faleke, shared the breakthrough via his official X (formerly Twitter) account. His announcement brought clarity to what had been a long, difficult journey. Faleke led the House team in the harmonisation of the bills with the Senate.

He revealed that the Conference Committee — set up by both chambers — had successfully concluded its work. “The Conference Committee set up by the House and the Senate on the Tax Reform Bills has successfully concluded its work,” Faleke wrote. “The joint committees thoroughly reviewed all sections and addressed the grey areas of the four Bills, examining each clause strategically and resolving contentious issues.”

The review process spanned multiple days and nights. Faleke described how lawmakers worked intensely — from Thursday night through Friday and into the early hours of Saturday — to tie up all loose ends. He said the bills would now go to both chambers for final passage.

His tone carried a sense of relief and gratitude. He thanked his fellow lawmakers for their commitment and focus during the process. “I would like to especially appreciate the Senate Conference Committee, ably led by the Chairman of the Senate Committee on Finance, the Distinguished Senator Sani Musa, as well as all members of the Senate Conference Committee,” he said.

Faleke added, “I also extend heartfelt gratitude to my colleagues on the House Conference Committee, which I had the honour to lead, for their unwavering commitment to the Nigerian people. We are truly grateful for your dedication and resilience in bringing this important task to a conclusion.”

The four bills were initially sent to the joint committee two weeks ago. Their job was to align the versions passed by the House and the Senate. Once harmonised, the final versions will be sent to President Bola Tinubu for his signature. The aim is to bring Nigeria’s tax system in line with global standards, while ensuring fairness and efficiency at home.

Senate President Godswill Akpabio, after a majority voice vote passed the bills, praised the lawmakers for their sacrifice and hard work. He noted that the move was necessary to strengthen the economy and build trust in the government’s revenue system.

Just a day before the harmonisation, the Senate had cleared two other tax-related bills. Lawmakers then regrouped to fine-tune the remaining legislation. It was a heavy task, but they pushed through.

Senator Sani Musa, who chairs the Senate Committee on Finance and represents Niger East Senatorial District, spoke to journalists after plenary. He explained the purpose behind the reform. “We did our best to ensure the taxation system in Nigeria meets international standards,” he said.

Musa also revealed where some of the new tax funds would go. According to him, part of the proceeds will be used to fight cybercrime, strengthen the country’s defence systems, and support education through the TETFund. He said these funds will also assist soldiers on the frontlines who are working hard to protect lives and restore peace across Nigeria.

In a system often weighed down by bureaucracy, Senator Musa stressed the need for oversight and swift resolution of tax-related issues. He said the Senate recommended that the President appoint a tax tribunal chairperson and an ombudsman. These roles, he explained, will serve as neutral decision-makers in tax disputes.

“It is not a court of record,” Musa said, highlighting the importance of separating the tribunal’s work from regular judicial processes. He said the new reforms will touch many areas, including VAT collection, development levies, and inheritance tax — the latter having been removed from the final version.

According to Musa, the aim is not only to raise revenue but also to restore trust. “I believe Nigerians will see something nice from this. We also commend the President for giving a level playing field to all,” he said.

The harmonised bills represent a significant shift in how Nigeria manages its tax system. For years, businesses and citizens alike have called for more transparency and accountability in tax collection. These new laws seek to simplify tax payments, reduce loopholes, and make the system fairer for everyone.

Still, while the bills are almost at the finish line, some analysts say their success will depend on enforcement. Clear rules and honest implementation will be key to making the reform work for Nigerians on the ground.

The national assembly’s swift handling of the harmonisation process, however, signals a renewed political will to take on economic challenges head-on. Observers have noted that such coordinated efforts across party lines are rare but necessary for true reform.

In the coming days, both chambers will formally vote to pass the harmonised bills. If the votes go through as expected, the President will receive the final versions for assent. From there, the real test begins — putting the new tax system into action and watching if it delivers the promised change.

For now, Nigerians can only hope that the long nights and hard work by lawmakers will translate into meaningful improvement in how taxes are paid and used in the country.