The Nigerian Senate is poised to pass the tax reform bills forwarded by President Bola Tinubu today, March 25, 2025. This information was confirmed by two anonymous senators who are not authorized to discuss the matter publicly.
The delay in the approval was attributed to the recent emergency rule in Rivers State, but sources indicate that the four bills will be approved today. The Senate’s decision follows the House of Representatives’ approval of the same bills two weeks ago.
The bills include:
- Nigerian Tax Bill
- Tax Administration Bill
- Revenue Tax Board Bill
- Nigerian Revenue Service Establishment Bill
Key amendments to the bills include maintaining the Value Added Tax (VAT) rate at 7.5 percent and extending income tax exemptions to specific agricultural businesses and military personnel.
The Senate previously held a two-day public hearing on these bills, gathering input from various stakeholders, including the Minister of Finance and the Chairman of the Federal Inland Revenue Service.
Once approved by the Senate, the bills will be sent to President Tinubu for final approval and enactment into law.
