House of Representatives Passes Tax Reform Bills

The House of Representatives on Tuesday approved four key tax reform bills transmitted by President Bola Tinubu to the National Assembly in October 2024.

The bills, which have been under review for several months, were discussed and passed after the House considered the report of the House Committee on Finance. Last Thursday, the committee made several recommendations, particularly in areas such as the Value Added Tax (VAT) and inheritance tax, which had stirred controversy.

With the passage of the bills by the House, attention now turns to the Senate, where similar approval is awaited. Once the Senate passes the bills, they are expected to be transmitted to President Tinubu for final assent in the coming days.

The reforms aim to overhaul Nigeria’s tax system, addressing long-standing challenges and modernizing the country’s tax code. Further details on the specifics of the proposed changes are expected to be released shortly.