Senate To Prioritize Tax Reform Bills Upon Resumption

The Senate has indicated that the consideration and passage of President Bola Tinubu’s tax reform bills will be top priorities upon its resumption from recess on April 29.

The four key bills, Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill, were forwarded by the President as part of efforts to overhaul the country’s fiscal policies and enhance revenue generation.

Naija News reports that the delay in the passage of the bills has generated significant concern, particularly as the House of Representatives approved them two weeks ago.

This has put additional pressure on the Senate to follow suit. Earlier, Senate Committee on Media and Publicity Chairman, Yemi Adaramodu had suggested that the bills could be passed before the lawmakers went on their break.

Read also:

What Is Ray Mancini Net Worth 2024 Boxing Career Wealth And Financial Insights

Adaramodu had said, “I am sure you are aware that the House of Reps has passed it. So, we are not likely to go into any conflict or disagreement. But I cannot give you a specific date that it will be passed. But it will be passed soon, probably before we go on recess.”

However, the Senate went on recess without any discussion of the bills, prompting speculations about possible hurdles in the process.

A source within the legislative complex who spoke with Punch revealed that there may still be ongoing consultations with northern senators regarding some amendments in the tax reform bills.

“We suspect that there may still be an ongoing consultation to get the buy-in of all the northern senators having amended the grey areas in the tax reform bills. But we are optimistic it will be resolved. If the House of Reps, which many see as an obstacle, could approve the bills, rest assured the Senate will pass it,” the source said.

Despite the delay, lawmakers have assured that the bills will be given the attention they deserve once the Senate reconvenes. Chairman of the South-East Senate Caucus and lawmaker representing Abia South,

Enyinnaya Abaribe, addressed concerns of a possible stalemate, explaining that the bills had not yet been formally presented to the senators. He assured that they would be dealt with upon the Senate’s return.

Read also:

What Is Brian Henson Net Worth 2024 Career Highlights And Financial Insights

“They haven’t brought it. Since they did not bring it and we are closing today, maybe when we come back,” Abaribe stated.

Similarly, Senator Osita Izunaso, representing Imo West, expressed confidence that the tax reform bills would be among the Senate’s key priorities once legislative activities resume. “It will be one of the things on the front burner as soon as we come back,” Izunaso affirmed.