The House of Representatives has approved four tax reform bills introduced by President Bola Tinubu in October 2024.
This development, which took place on Tuesday, represents a major milestone in the administration’s push for tax policy adjustments.
Prior to the passage, lawmakers had last Thursday considered a report from the House Committee on Finance.
The report addressed key concerns, particularly those related to the Value Added Tax (VAT) and inheritance tax—both of which have been subjects of intense debate among stakeholders.
With the House’s endorsement, the focus now turns to the Senate, where lawmakers are expected to review and decide on the bills in the coming days.
Once both legislative chambers reach a consensus, the proposals will be sent to President Tinubu for final approval.
These tax reforms form part of a broader strategy to increase government revenue and tackle economic challenges.
The outcome of the Senate’s deliberations will be crucial in determining how soon the new tax policies take effect.
If enacted, the reforms could bring significant changes for both businesses and individuals across the country.