The Nigerian Senate has officially received a communication from President Bola Tinubu, requesting consideration and passage of the proposed Fiscal Policy and Tax Reform Bill. This bill is aimed at aligning with the Federal Government’s ongoing financial reforms to improve efficiency in tax compliance and support the country’s economic goals.
Additionally, the House of Representatives has been forwarded four related bills from the President. These include:
– The Nigeria Tax Bill
– The Nigeria Tax Administration Bill
– The Nigeria Revenue Establishment Bill
– The Joint Revenue Board Establishment Bill
These legislative proposals follow President Tinubu’s commitment to fiscal reforms, which he emphasized during his speech marking Nigeria’s 64th Independence Anniversary on October 1, 2024.
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The President assured the public that these bills, once passed into law, would enhance the business environment, stimulate investment, and ease the tax burden on both businesses and workers.
In support of this, Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms, announced that the 2024 Withholding Tax Regulations had been officially gazetted. He highlighted that this step would provide significant relief to manufacturers and other businesses by easing the financial strain of funding working capital.
These legislative moves reflect the Federal Government’s broader agenda to strengthen Nigeria’s economic stability through fiscal reforms.
