The Senate is set to give the green light to President Bola Tinubu’s proposed tax reform bills today, following the recent endorsement of the same legislation by the House of Representatives.
Two lawmakers, who requested anonymity due to restrictions on public statements, confirmed to Punch that the bills would be passed during today’s plenary session.
One of the sources disclosed that the approval had been scheduled for last week but was postponed due to pressing matters in Rivers State.
However, the Senate is now ready to move forward.
The tax reform package includes four key bills: the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
The House of Representatives had earlier conducted a thorough clause-by-clause review before approving them.
Among the notable revisions, the bills maintain the current 7.5% VAT rate rather than implementing a proposed hike.
They also introduce tax incentives for specific agricultural enterprises and military officers to encourage growth in these areas.
Once the Senate concludes its approval process, the bills will be sent to President Tinubu for final ratification, marking a significant milestone in the administration’s tax reform strategy.