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TAX REFORM BILLS READY FOR PRESIDENTIAL ASSENT AS NASS ADOPTS HARMONIZED BILLS
The Senate and the House of Representatives have jointly adopted the harmonized conference report on the four tax reform bills, marking a significant milestone in President Bola Tinubu’s fiscal reform agenda. The bills will now be transmitted to the President for assent.
After weeks of detailed legislative work, the Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), presented the harmonized report of the joint conference committee tasked with reconciling differences between the two chambers’ versions of the bills.
The bills include the Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); the Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); the Nigeria Tax Administration Bill, 2025 (SB. 585); and the Nigeria Tax Bill, 2025 (SB. 586). These were initially transmitted to the National Assembly by President Tinubu in October 2024.
The conference committee carefully reviewed the disparities between the Senate and House versions, adopting selected clauses from each chamber to produce the final harmonized versions.
For example, in the Nigeria Tax Administration Bill, several clauses from both chambers were integrated, such as Clause 9 from the House version, mandating disclosure of certain financial information by banks and financial institutions, and Clause 45 from the Senate version, which outlines the liability of managers in tax matters.
Similarly, the Nigeria Revenue Service Establishment Bill’s harmonized version includes Clause 4 from the House, detailing the service’s functions, and Clause 7 from the Senate, specifying the governing board’s composition.
For the Joint Revenue Board Establishment Bill, the committee adopted Clause 4 from the House, defining the board’s composition, while Clause 5 (functions of the board) and Clause 10 (appointment process for the Executive Secretary) were adopted from the Senate version.
The House of Representatives, led by the Chairman of its Committee on Finance, James Faleke, also presented the harmonized report and, following a Committee of Supply session, adopted the bills.
Lawmakers cautioned against any wrongful amendments or insertions as the bills prepare to be sent to the Presidency for final assent.
The Senate President, Senator Godswill Akpabio, conducted a voice vote on the adoption of the harmonized reports, which passed by majority.
Once signed into law by President Tinubu, these reforms are expected to overhaul Nigeria’s tax administration and improve revenue generation in line with the government’s broader economic objectives.
